Jun. 7 at 12:44 PM
$PLYA $H Playa Hotels receives Mexican antitrust approval of pending sale to Hyatt
Playa Hotels & Resorts (PLYA) announced that all required approvals relating to anti-competition filings under Ley Federal de Competencia Economica in Mexico in connection with the Company's pending sale to HI Holdings Playa B.V., an indirect wholly owned subsidiary of Hyatt Hotels Corporation (H), have been granted. Antitrust approval in Mexico was the final regulatory approval required to complete the transaction.
Completion of the tender offer remains subject to the conditions described in the tender offer statement on Schedule TO, including the satisfaction of the minimum tender condition by Playa shareholders. Hyatt's tender offer to acquire all of the outstanding ordinary shares of Playa for
$13.50 per share in cash, less any applicable withholding taxes and without interest, is scheduled to expire at 5:00 p.m., New York City time, on June 9, 2025.
The offer is being made pursuant to the previously announced purchase agreement, dated February 9, 2025, among Hyatt, Buyer and Playa. Assuming the minimum tender and other offer conditions are satisfied, the tendered shares are expected to be accepted for payment on or about June 11, 2025.
Pursuant to the terms of the Purchase Agreement, if the minimum tender condition in the Hyatt tender offer is satisfied, along with certain other closing conditions expected to be satisfied at expiration, then on June 10, 2025, Hyatt will commence a subsequent offering period for the tender offer for any Playa ordinary shares not already tendered, which will expire at 11:59 p.m., New York City time, on June 16, 2025.
Following this subsequent offering period and the related transactions required by the Purchase Agreement, Playa expects that Hyatt will own all ordinary shares of Playa on or about June 17, 2025. Playa also announced today that it has submitted written notice to Nasdaq of its intention to voluntarily delist its ordinary shares from Nasdaq. The voluntary delisting is subject to and conditioned upon the expiration of the Hyatt tender offer as described above and the acquisition by Hyatt of all ordinary shares validly tendered and not properly withdrawn in accordance with the Purchase Agreement.
If such conditions are satisfied, then on or about June 16, 2025, Playa intends to file with the U.S. Securities and Exchange Commission a notification of removal from listing of its ordinary shares on Nasdaq. Completion of the tender offer remains subject to the conditions described in the tender offer statement on Schedule TO filed by Hyatt and Buyer with the SEC on February 24, 2025.
