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Cerberus, Orion Improve Their Bid For Sotogrande

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