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Minor's takeover bid for NH: NH's board of directors votes against it

The Thai group's offer was considered too weak by the NH board of directors and the Bank of America Merrill Lynch

The takeover bid launched by Minot International, at €6.3 per share, "does not adequately reflect the value of the shares" according to the NH Hotel Group Board of Directors. Advised by Bank of America Merrill Lynch, it indicates that the offer is "financially insufficient".

The final choice belongs to the shareholders and it will be up to them to decide whether or not to accept Minor's offer. It should be recalled that the Thai group already owns 44% of the capital of Spanish (see our article After HNA, a new main investor at NH Hotel Group) and had already defeated the intentions of the Hyatt group (see our article Hyatt backs away from buying NH Hotel Group).

On January 1, 2018, the NH Hoteles group had 60,970 rooms (up nearly 2,500 rooms, or +4.9%) and was ranked 22nd in the global ranking of hotel groups, ahead of Minor. The Spanish group's board of directors is not confident about the future with an EBITDA forecast at 260 million euros for 2018 and the objective of reaching 285 million euros in 2019.

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