Chronology of subsequent events:

February 7, 2014
TCIL and TCISIL executed the SSA with Sterling for the allotment and subscription of Equity
Shares amounting to 22.86% of the Emerging Share Capital.
TCIL, TCISIL, and the Sellers execute the SPA for the purchase of up to 19.94% of the
Emerging Share Capital.
The board of directors of TCIL, TCISIL, and Sterling approved the Scheme
Public Announcement of the Open Offer (under the Takeover Code);
February 10, 2014
The Parties issued a detailed public statement.
February 10 - 21, 2014
TCISIL acquired a cumulative of 10.41% of the Emerging Share Capital through multiple
purchases on the open market.
February 14, 2014
Travel Corporation acquired 1.66% of the Emerging Share Capital of Sterling through
purchases on the open market.
The Parties provided CCI with notice of the Merger / Demerger as a proposed combination
agreement, for its approval.
February 24, 2014
Offer Letter (under the Takeover Code) filed with SEBI.
March 5, 2014
CCI granted approval for the Deal.
March 14, 2014
Sterling allotted Equity Shares constituting 22.86% of the Emerging Share Capital to TCISIL
pursuant to the SSA.
April 29, 2014
TCISIL acquired 6.80% of the Emerging Share Capital from some of the Sellers pursuant to
the SPA via a block trade on BSE.
May 21, 2014
CCI imposed a penalty of INR 100 Million on TCIL and TCISIL for the open market
purchases carried out between the 10th and 12th of February, 2014.
May 30, 2014
TCISIL along with TCIL and Travel Corporation (as Persons Acting in Concert) made a
mandatory Open Offer under the Takeover Code to acquire 26% of the Emerging Share
Capital.
June 12, 2014
Open Offer concluded. TCISIL acquired only 0.01% of the Emerging Share Capital.6
July 31, 2014

TCIL, TCISIL and Sterling filed the Scheme before the Bombay High Court and Madras High
Court for approval.

September 03, 2014

TCISIL acquired 13.14% of the Emerging Share Capital pursuant to the SPA through an offmarket transfer.
The preceding events had a major impact on Thomas Cook India Share prices with the price almost
tripling. The share price increase is mainly accredited to focus on core competencies, inorganic
growth through acquisitions and influence of the performance in Europe.

The biggest deals post the merger were acquisitions of Luxe Asia and Kuoni. Thomas Cook went on
to buy Kuoni for 535crs on Aug 8 th 2015. Sterling Holiday Resort, a company that was part of the
acquisition, went on to acquire niche companies. It recently acquired Nature Trail Resorts on 26 th Oct
2015 to expand its adventure tourism. Though Thomas Cook has enjoyed success post the merger,
there are concerns that it might be wobbled by the Chinese company Fosun International.