Laguna Resorts & Hotels Public Co. Ltd. appointed Silom Advisory Co. Ltd. to be its independent financial adviser for parent Banyan Tree Holdings Ltd. and fellow subsidiary Banyan Tree Resorts & Spas (Thailand) Co. Ltd.'s 2.28 billion-Thai-baht buyout bid for the company.
Silom will provide its business opinion to the Thailand-based hotel development unit's shareholders, with Laguna planning to hold a board meeting once it receives the adviser's recommendations over the offer.
The buyout offer, which extends to 57,084,525 Laguna Resorts shares or a roughly 34.25% stake in the international resort developer and operator's subsidiary, translates to 40 baht per share.
As of Feb. 28, US$1 was equivalent to 31.47 Thai baht.
