Shareholders of Minor International PCL approved the company's plan to formally launch a takeover offer for Spanish hospitality company NH Hotel Group SA and complete a €619 million transaction with HNA Group Co. Ltd. for a stake in the target.
According to a release, the resolutions passed during an Aug. 9 extraordinary general meeting after garnering 99.2% of all the votes cast.
After securing shareholders' approval, Minor International fortified its hold of NH Hotel by amassing a 35.6% stake in the target, which includes the 5.7% stake it bought from Oceanwood Capital Management Ltd.
Over the next two weeks, Minor International will seek to further increase its shareholding in NH Hotel through the completion of the two-tranche deal with HNA. The purchase of the Chinese conglomerate's 8.4% stake in the Spanish hotelier will bring the offeror's stake in NH Hotel to 44.0%.
The Bangkok-based hospitality company's tender offer for NH Hotel had been admitted for processing by the Spanish Stock Exchange Commission July 19. Prior to launching the tender offer, Minor International already secured approval from both its shareholders and the Spanish and Portuguese Antitrust Authorities.
NH Hotel's takeover is expected to be completed by October, the Asian offeror said.