12/12/2014 – Cinco Dias
Investment funds Cerberus and Orion, through their joint venture Sotogrande Luxco, have increased their bid for Sotogrande. In a relevant event notice sent to the Stock Market Regulator, the partners announced that instead of original price of 4.43 euros a share, they are going to pay 4.47 euros to buy out the company held 96.997% by NH Hotel Group.
Cerberus and Orion bettered their offer after Ernst & Young povided valuation of Sotogrande’s 50% stake in Capredo Investments. Moreover, the proposal will be considered as a sale, and not as a share swap, and therefore the payment will be realized in cash.
Last October 17th, NH conveyed its 43.5 million shares to the funds.
Original story: Cinco Días
Translation: AURA REE