Blackstone gains majority acceptance for Hispania takeover

Private equity giant Blackstone has succeeded in its €2 bn takeover bid for Spanish hotel REIT Hispania, achieving an acceptance figure of 74.02% of the entity's share capital.

Blackstone, which already owns a 16.5% stake in Hispania, had raised its takeover offer by nearly 5% or €0.80 a share from a €17.45 to €18.25.

Last month Hispania's described the offer as 'attractive' and its board unanimously recommended accepting the offer.

Blackstone first announced plans in April to launch an unsolicited bid for the company, but its original offer was considered too low.

Hispania is a Madrid-listed hotel specialist with a portfolio valued at €2.8 bn as of end March 2018.


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