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Banyan Tree subsidiary appoints financial adviser for 2.3B-baht buyout offer

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.