Spain/Portugal: Hyatt backs down on possible takeover bid for NH Hotel Group

US hotel chain Hyatt has sent a letter to the president of its Spanish counterpart, NH Hotel Group, saying that launching a takeover bid, under current circumstances, would be “extremely challenging” and therefore rejecting the possibility.

“We believe that Hyatt’s path to a successful purchase, under the terms put forth, has been reduced to a point where it would be impractical,” said Hyatt president Mark Hoplamazian.

The price of NH Hotels’ shares (which has been suspended from trading) fell 6.5% on Monday and stands at 6.3 euros per share, precisely at the price on offer by Thailand-based rival Minor, whose takeover bid is pending approval by the National Commission on Markets and Competition.

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