A Minor International PCL unit launched a public cash offer to acquire all of NH Hotel Group SA shares it does not own for €6.30 per share, following the Oct. 2 approval from the Spanish Stock Exchange Commission.
MHG Continental Holding (Singapore) Pte. Ltd. is offering to buy 210,804,017 shares, or 53.75% of NH Hotel's share capital it does not already own. The acceptance period begins on Oct. 8 and ends Oct. 22, with the final offer to be made public within a maximum of seven business days after the end of the 15-day acceptance period.
Minor International plans to keep the Spanish hotel company publicly listed on the Madrid Stock Exchange, according to a release.
The Thailand-based hospitality company expressed its intention to acquire its Spanish peer in early June after buying a 25.2% interest from HNA Group Co. Ltd. under a €619 million two-tranche deal. Minor International has secured approval from its shareholders in August to go ahead with the transaction.