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Hyatt to repurchase 9m shares from Pritzkers

Hyatt Hotels Corp. has agreed to repurchase about 9 million of its Class B common shares from trusts of the founding Pritzker family

The buyback is worth about US$395.7 million.As part of Hyatt’s 2009 initial public offering, restrictions were loosened to allow Pritzker family members to sell up to 25% of their Hyatt holdings every 12 months. The number of shares in the latest buyback represents the full 25% that can be sold by the beneficiary group until November, although one of the trusts can still sell an additional 737,373 shares.The action reduces Hyatt’s total shares outstanding by 5.4% to approximately 165 million. Of that, about 120.5 million shares are of the Class B variety.As part of Hyatt’s 2009 initial public offering, restrictions were loosened to allow Pritzker family members to sell up to 25% of their Hyatt holdings every 12 months. The number of shares in the latest buyback represents the full 25% that can be sold by the beneficiary group until November, although one of the trusts can still sell an additional 737,373 shares.

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