Hyatt achieves minimum condition in tender offer for Playa Hotels & Resorts

Hyatt (H)announced that 101,891,119 shares of Playa Hotels & Resorts (PLYA), representing approximately 82.8% of Playa’s outstanding shares, were validly tendered and not withdrawn prior to the expiration of the initial offering period on June 9. For purposes of the minimum tender condition, the aggregate number of Playa ordinary shares validly tendered represents approximately 92.7% of the outstanding Playa ordinary shares. As a result, the minimum tender condition and other conditions of its previously announced tender offer to acquire Playa for $13.50 per share or approximately $2.6B, including approximately $900M of debt, net of cash, have been satisfied. All validly tendered shares are expected to be accepted for payment on or about June 11. The subsequent offering period has now commenced. Playa shareholders who have not yet tendered their shares may still tender during the subsequent offering period, which will expire at 11:59 p.m., NYC time, on June 16.Playa ordinary shares are expected to be suspended from trading on the Nasdaq prior to the opening of the market on June 16.