Hyatt Hotels has backed away from launching a takeover of NH Hotels, days after a rival bidder Minor revealed it controlled 44 percent of the Spanish group.
In a letter from Hyatt released to the Spanish stock exchange by NH, the U.S. hospitality company, which on Friday said it may launch a cash bid for 100 percent of NH, said it saw pursuing an offer as extremely challenging.
“Based on the information we now have, we believe that the path to a successful tender offer by Hyatt under the terms expressed in our letter has narrowed to a point of being impractical,” Hyatt’s President and Chief Executive Officer Mark Hoplamazian said in the letter released on Monday.
Thailand-based Minor International made an offer in June which valued NH at up to 2.5 billion euros ($2.9 billion).
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