Hotel-focused Spanish REIT Hispania has said that it regards Blackstone's recent takeover bid as 'unsolicited', and said it would 'seek alternatives to maximise the value of the company'.
Earlier this month, Alzette Investment, a company owned by entities advised by affiliates of Blackstone Group, paid €315.37 mln for a 16.56% stake in Hispania from QP Capital Holdings Limited and QPB Holdings, owned by George Soros.
The US fund also told the Spanish government's National Securities Market Commission (CNMV) that it had agreed to launch a voluntary takeover bid for 100% of the company.
Blackstone paid €17.45 per share for its 18.07 million shares in Hispania (16.56% of the company) implying a discount of 5.67% on Hispania’s share price before trading was suspended at €18.50, valuing the company at €1.905 bn.
Blackstone's cash offer for a majority stake in Hispania is in line with the price paid for the shares already acquired.
Wave of Spanish deals
The Madrid-listed investor informed the CNMV that neither Hispania's board not its management company Azora Gestión 'were aware of the aforementioned acquisition of shares of the company by Bidco, nor of its intention to launch the bid until publication of the aforesaid significant information notices on 5 April 2018. Therefore, it is an unsolicited offer.'
'The board of directors of Hispania, acting in defence of its shareholders’ interest, will seek alternatives to maximize the value of the company,' continued the note.
'In addition, the board has appointed Goldman Sachs International, UBS and JP Morgan Securities as financial advisors, and Freshfields Bruckhaus Deringer and Uría Menéndez, as legal advisors, to assist the board of directors in evaluating those actions that conduct to maximise the value of the company for its shareholders.'
Blackstone's bid comes in the wake of other recent deals in the Spanish hotel sector, including the acquisition of 51% of Popular's property business and Banco Sabadell's hotel arm last year. In December, Blackstone bid for assets in the Balearic and Canary Islands from Alua Hotels, which were eventually acquired by Hispania.