Blackstone raises Hispania bid, wins management backing

US asset management giat Blackstone has raised its bid for Spanish hotel owner Hispania a week after the start of the acceptance period for the offer.

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

In a statement on Friday, Hispania said that its board has evaluated the offer together with its advisors and finds it 'adeguate' and 'attractive'.

'The board of directors of Hispania will unanimously recommend the bid at the revised price to Hispania’s shareholders and all the directors of Hispania have agreed to accept the bid in respect of their own shareholdings,' the company said.

Blackstone first announced plans in April to launch an unsolicited €17.5 a share offer for Hispania, valuing the group at €1.9 bn. The bid was rejected by Hispania’s management as too low.

The acceptance period for Blackstone's offer runs from June 14 to July 13.

Hispania is a Spanish real estate investment trust focuses on hotel properties with a portfolio valued at €2.8 bn per end-March 2018.


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