Minor formalizes its 95.8% stake in NH Hoteles after completion of stock purchase plan | comp

This Tuesday, Minor formalized its 95.8% stake in NH Hotels, following the completion last week of a stock purchase plan through which it acquired more than 7.2 million shares of the hotel chain, equivalent to 1.66% of your share capital.

According to the records of the National Securities and Markets Authority (CNMV), the Thai group increased its stake from 94.132% to 95.865%. This operation was announced on May 8, with which Minor intends to buy NH shares for a maximum of 4.5 euros for a period of 30 days, stating that after this period he will not make any share purchases.

However, after several days with shares of the chain suspended from trading by CNMV, Minor was forced to explain that it had ruled out putting out an offer to delist NH because the proposed price had not been approved by the supervisory body. This value included a 24% premium over the last price set by NH prior to the suspension on that date, but was 28% lower than the takeover bid Minor launched in 2018.

This Minor stock purchase in turn led to several moves in the NH Hoteles board of directors. In the middle of May, the hotel group had to replace Alfredo Fernandez Bells. He was dismissed as president at an emergency board meeting, after announcing his resignation as independent director along with Jose María Cantro de Montes Jovilar and Fernando Lacadena Azpecia, the other New Hampshire independent directors, due to disagreements with the most recent minor bids.

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