Minor: Hyatt offer for Spanish chain 'too late'

Minor: Hyatt offer for Spanish chain 'too late'

Tivoli-branded hotel properties in Brazil are part of the growing global footprint of Minor International.
Tivoli-branded hotel properties in Brazil are part of the growing global footprint of Minor International.

SET-listed Minor International Plc (MINT) says that a counter-offer by Hyatt Hotels for a stake in NH Hotel Group of Spain has come too late to stop the Thai hospitality company’s tender offer.

“Hyatt has entered the church and the bride has already left,” Minor chief operating officer Dilip Rajakarier told Bloomberg on Friday. “Our reaction is to continue and complete this transaction.”

Hyatt sent a letter to NH Hotel indicating its interest in acquiring the chain of more than 380 hotels, the US company said on Thursday. Any resulting bid from Hyatt would be in competition with Minor’s tender offer, which valued the portion of NH Hotel it did not own at 1.64 billion euros (US$1.91 billion) in early June, when the plans were first announced.

Shares in NH Hotel rose 8.9% in Madrid on Friday. Lucas Martinez, a spokesman for NH Hotel Group, said the board had received Hyatt’s letter and would decide how to proceed in the coming days.

A representative for Hyatt declined to comment.

Including a planned purchase of 8.4% of NH Hotel from China’s HNA Group Co, Bangkok-based Minor is on course to own 44% of the Madrid-based firm.

NH operates 382 hotels with 59,350 rooms in 30 markets, mainly in Europe, and is listed on the Madrid Stock Exchange.

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