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Minor International still confident with NH Hotel bid as Hyatt enters picture


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Minor International still confident with NH Hotel bid as Hyatt enters picture

Minor International PCL said Hyatt Hotels Corp.'s interest in making a rival offer for NH Hotel Group SA is too late, Bloomberg News reported, citing a phone interview with Minor International COO Dillip Rajakarier.

Rajakarier reiterated the Thai hospitality group's intention to continue and close its proposed €2.5 billion acquisition of NH Hotel. Minor International CEO William Heinecke earlier expressed confidence in the company's bid, noting that it was in talks with fellow shareholders that would increase its stake in the target to between 55% and 65%.

According to Bloomberg's July 28 report, Minor International is on track to own a 44% stake in NH Hotel.

Hyatt Hotels indicated its interest in acquiring the Spanish hotel company through a letter sent July 27, with plans of conducting further due diligence to make a more informed valuation. Lucas Martinez, a spokesman for NH Hotel, confirmed that the board received the Hyatt letter and would decide on the proposal in the coming days, the news outlet reported.