Bay Hotels & Leisure SOCIM may opt to merge with Hispania Activos Inmobiliarios as it evaluates several courses of actions to seek exclusion from trading on the Mercado Alternativo Bursátil.
The hotel company is looking at options, including a direct exclusion from the market, in light of the reduced liquidity and the limited number of minority shareholders following Hispania Activos' agreement with Barceló Group to buy a 24% interest in Bay Hotels for a total cost of €172.4 million.
Additionally, Bay Hotels is putting up a sustained purchase order on the market, priced at €7.75 per share, targeting all of its shareholders other than Hispania Activos. The price is higher than the company's EPRA NAV of €7.71 per share.
The sustained purchase order will be formulated through the GVC Gaesco Beka entity and will remain in force until the general shareholders meeting, to be held on or before April 30, where a decision on exclusion from trading on the Madrid market is expected to be made.
After the process is completed, considering the final number of shares acquired in the market, the Bay Hotels board will propose "the most suitable alternative of exclusion" for its examination.
