BOULEVARD Holdings Inc. (BHI), the listed owner and operator of the Friday’s hotel brand, saw its shares slide a tenth on Wednesday after the company disclosed an offer by major shareholder JP Guilds Inc. relating to a plan to develop the group’s 3,000-hectare Puerto Azul resort in Cavite.

BHI’s board also approved various corporate actions including a lease deal with South Korea-based Resom Resort Co. Ltd., a $10-million offer of Sumitomo Mitsui, a $1.6-million loan from China Banking Corp. to expand the Friday hotel brand.

BHI shares closed at P0.44 each on Wednesday from P0.49 the previous session with heavy trading volume. The company did not disclose any update relating to its plan to tap a “large-cap publicly listed conglome-rate” as its joint-venture partner.

BHI disclosed the terms of an offer made by JP Guilds, involving a list of conditions for BHI to undertake such as marketing and financial representations including overseas trade missions, seeking joint venture partners and securing funding for development.

In exchange, JP Guild will give BHI an overage share of 30 percent over the “useful life of the development strategy of 30 years.” JP Guild said the joint venture will value BHI’s share at P13.5 billion, with the offer to expire at the end of November.

In response, BHI said it has tasked its outside committee “to represent the fairness and interests of minority shareholders.”

JP Guild and BHI are both chaired by businessman Jose Marcel Panlilio.

BHI’s board also approved on Wednesday the acquisition of Cala Paniman Inc. for P100 million to be paid over seven years and the amendment of a P500-million private placement to JP Guilds to P300 million. It said Cala will be co-master planner for Puerto Azul project.