Freshfields and Uría Menéndez appointed by Hispania on hostile Blackstone bid

Spanish real estate investment trust Hispania has appointed Freshfields Bruckhaus Deringer and Uría Menéndez as legal advisers in relation to the hostile takeover bid launched by The Blackstone Group.

Hispania issued a statement following Blackstone’s recent acquisition of 16.56 per cent of the share capital of Hispania and its “decision to launch a voluntary takeover bid for the remaining shares of Hispania for a consideration of €17.45 per share”.

The statement said: “Neither the board of directors of Hispania nor its management company, Azora Gestión, were aware of the aforementioned acquisition of shares of the company by Bidco [a company controlled by Blackstone] nor of its intention to launch the bid until publication of the aforesaid significant information notices on 5 April 2018. Therefore, it is an unsolicited offer.”

The statement added that the board of directors of Hispania, “acting in defence of its shareholders’ interest, will seek alternatives to maximise the value of the company”. It said, that consequently, the board had appointed Goldman Sachs International, J.P. Morgan Securities and UBS Limited as financial advisers, and Freshfields Bruckhaus Deringer and Uría Menéndez, as legal advisors, to assist the board in “evaluating those actions that conduct to maximise the value of the company for its shareholders”.