Thailand’s Minor International has won acceptances for 47.76 percent of NH Hotels Group , according to news reports that quoted Spain’s regulator last week. This news is, of course, significant because it brings Minor International’s total stake in NH Hotels Group up to 94.14 percent.
Before Minor launched its takeover bid of NH Hotels last month, Catalan hotel group Hesperia voiced its own intention to take part by selling its own 8.14 percent stake to Minor, which essentially guaranteed the success of the Minor International effort and offer.
The Thai-based hotel operator had also said at that time that it aimed to buy 51-55 percent of NH Hotels. In other words, this move should hardly come as a surprise to careful observers.
“In case of exceeding this threshold, Minor would study different alternatives, including retaining a higher participation in NH or looking for a financial partner,” the Thai group said at a presentation of its offer.
In the long term, Minor wants to keep NH as a Madrid-listed company while merging the hotel group’s brand with its own across new regions.
For those who might not be all that familiar with the principal companies that are involved with this transaction, NH Hotels has some 380 hotels, mostly in Europe and Latin America, while Minor has 161 hotels concentrated in Asia, the Middle East, Africa and Australia.
Shares of NH Hotel traded down 10 percent on Friday at 5.6 euros ($6.4), below Minor’s bid price of 6.30 euros.
Let’s take a look at a few other projects currently underway by NH Hotels: