August 4, 2021

The CNMV authorizes the takeover of the Thai Minor on NH Hoteles

The CNMV authorizes the takeover of the Thai Minor on NH Hoteles



The National Securities Market Commission (CNMV) has authorized the tender presented by the Thai group Minor on 100% of the Spanish chain NH Hoteles at a price of 6.30 euros, after deducting the payment of a dividend of 0.10 euros, an offer that was admitted for processing on July 19.

The regulator understands "adjusted the terms of the offer to the current standards, and considers sufficient the content of the explanatory brochure submitted after the latest information recorded on September 25." In addition, the CNMV maintains that the effectiveness of the offer does not require compliance with any condition.

The offer is directed to 100% of the capital of NH Hoteles, comprised of 392,180,243 shares admitted to trading on the Stock Exchanges of Madrid, Barcelona, ​​Bilbao and Valencia, excluding 181,376,226 shares representing 46.25% of the share capital that have already been frozen by Minor.

As a result, the offer extends effectively to the acquisition of 210,804,017 shares of NH Hotel Group, representing 53.75% of the share capital. The intention of the Asian group is to get together between 51 and 55% of the capital of NH as a maximum, since it would increase its debt. Minor expects the transaction to be completed during this October.

Once the contract is completed, NH Hotel Group and Minor Hotels will become in the nineteenth hotel company by number of rooms, a total of 79,734 in a ranking led by Marriott.

The Thai group has already advanced that its intention is keep NH as a hotel company listed on the Madrid stock exchange and maintain the policy of remuneration of shareholders, with the goal of reaching 50% of net recurring income.


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