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Minor International will keep targeted NH Hotel publicly listed posttakeover

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Minor International will keep targeted NH Hotel publicly listed posttakeover

Minor International PCL reiterated that it will keep NH Hotel Group SA publicly listed if its €6.40 per-share buyout of the Spanish hotelier is successful, Reuters reported, citing a document filed with the National Securities Market Commission of Spain.

The Thai hospitality group laid out its intentions for NH Hotel earlier in June when it proposed a takeover on the back of a €619 million stake transaction with HNA Group Co. Ltd. The deal with the Chinese conglomerate increased Minor International's stake in NH Hotel to 34.7% from 9.5%, triggering the deal that values the Madrid-listed target at up to €2.5 billion.

Minor International's proposal for NH Hotel requires the approval of the target's shareholders and the Spanish stock market regulator to be implemented. It was earlier said that the tender process could run for three to five months once the offer is launched.