Sotogrande takeover offer from Cerberus and Orion Capital declared admissible by securities regulator
The Spanish securities market regulator CNMV has declared admissible the takeover offer presented by the investment funds Cerberus and Orion Capital, via their vehicle Sotogrande Luxco, for NH Hoteles' property company Sotogrande. According to the regulatory filing on 29 December, the CNMV will process the offer and other documents filed on 19 December and 22 December.
The admission to process the offer does not imply that the offer or its terms have been authorised.
As per the relevant fact announcement dated 10 December, NH Hoteles is selling all its 43.5m shares Sotogrande representing a 96.997% stake in the Spanish property business. Sotogrande Luxco has offered EUR 4.47 per Sotogrande share.