Hyatt’s Playa Hotels Tender Offer Extended
Hyatt Hotels Corporation has announced that HI Holdings Playa B.V., a wholly owned indirect subsidiary of Hyatt (the “Buyer”), has extended the offering period for its previously announced cash tender offer. This offer seeks to purchase all outstanding ordinary shares of Playa Hotels & Resorts N.V. (NASDAQ: PLYA) at a cash price of $13.50 per share, subject to applicable withholding taxes and excluding interest. This offer aligns with the previously disclosed purchase agreement dated February 9, 2025 (the “Purchase Agreement”) involving Hyatt, the Buyer, and Playa.
The tender offer is now set to expire at 5:00 p.m. New York City time on June 9, 2025, unless it is extended further or terminated earlier in accordance with the Purchase Agreement. This tender offer will be extended until all conditions are either met or waived, or until it is terminated, as detailed in the Purchase Agreement and outlined in the Schedule TO filed by Hyatt and Buyer with the U.S. Securities and Exchange Commission on February 24, 2025, as amended and supplemented.
The completion of the tender offer depends on the conditions outlined in the tender offer statement on Schedule TO. This encompasses approvals regarding anti-competition filings according to the Ley Federal de Competencia Económica—Economic Competition Federal Law of Mexico and any other relevant antitrust or competition regulations.
Regarding the minimum tender condition, the 92,458,066 Playa ordinary shares (excluding 620,453 shares tendered through guaranteed delivery procedures) reported by Computershare Trust Company, N.A., the depositary for the tender offer, were validly tendered and not properly withdrawn by 5:00 p.m. New York City time on May 23, 2025, the final business day before the announcement of the offer’s extension. Together with the 12,143,621 shares owned by the Buyer as of that date, this totals about 85% of the outstanding shares (or approximately 85.5% including the guaranteed delivery shares). Shareholders who have already tendered their Playa ordinary shares are not required to re-tender or take any action due to the extension of the tender offer’s expiration date.
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