Spanish hotel group Hoteles Hesperia SA is looking for advice on its 8% stake in peer NH Hotel Group SA, which is at the center of a takeover offer from Thai company Minor International PCL, Reuters reported.
Minor offered €6.30 per share to Hesperia for its stake, which Hesperia said was insufficient. Hesperia hired JP Morgan to advise it on its options, the publication added.
Minor offered €619 million to HNA Group Co. Ltd. for its stake in NH Hotel in June. Minor International received approval from its shareholders earlier in August to go ahead with the transaction. JP Morgan advised HNA on the deal, the report noted.
As of Aug. 30, Minor held a 45% stake in NH Hotel, according to S&P Global Market Intelligence data. The offer values NH at up to €2.5 billion, according to Reuters.