RSS Hyatt, Playa Sign Agreement To Negotiate On Acquisition; Playa's Stock Up

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 RSS Hyatt, Playa Sign Agreement To Negotiate On Acquisition; Playa's Stock Up

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Playa Hotels & Resorts N.V. (PLYA) saw an 11% rise in pre-market trading following the announcement of a potential strategic partnership with Hyatt Hotels Corporation (H). The agreement, revealed on Monday, suggests the exploration of various strategic options, including the possibility of Hyatt acquiring Playa.

The companies have clarified that the completion of any deal and the financial details remain uncertain. They have entered an exclusivity agreement until a definitive deal is reached or until 11:59 p.m. New York time on February 3, 2025.

According to a statement from Playa, their Board of Directors has been actively seeking ways to enhance shareholder value and is in discussions with potential partners. The Board is committed to assessing opportunities that align with the best interests of shareholders.

Mark Hoplamazian, President and CEO of Hyatt, remarked on the strategic considerations involved, suggesting that the potential collaboration with Playa could offer new and sustainable revenue streams for Hyatt.

Bruce Wardinski, Chairman and CEO of Playa, noted that Hyatt's interest underscores the strength of Playa's business model and the dedication of its team.

On Friday, Hyatt’s shares closed up 3.03% at $159.84 on the New York Stock Exchange, whereas in pre-market trading, they decreased by 0.51% to $159.03. Meanwhile, Playa’s shares ended the previous session 0.84% higher at $9.61 on the Nasdaq and rose by 10.82% to $10.65 in pre-market trading.

The material has been provided by InstaForex Company - www.instaforex.com
 
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