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[Update] NH Hotel Group + Minor International: a potential counter offer

Grupo Inversor Hesperia has announced to the CNMV that it would like to terminate its management contract with NH Hotel Group if Minor International reaches a participation equal to or greater than 50.01%. In addition, it is seeking support to launch a counter-offer.

As regards the contract for the management of 28 hotels, a termination notice was sent by Hesperia in connection with Minor International's takeover bid for 100% of NH Hotel Group.

Among the options studied by Hesperia is the possibility of transferring the management of its properties to another hotel chain and many would have expressed an interest.

The operator could also manage its properties under its own brands or use a hybrid model by franchising some of them in order to achieve better optimization of assets.

Hesperia will maintain a small management structure, but could strengthen its sales and marketing divisions, in addition to separating its booking system from that of NH Hotel Group. Moreover, the group could use the €9 million contract to resize and consolidate its hotel management structure. 

Also read: After HNA, a new main investor at NH Hotel Group

Grupo Inversor Hesperia, which controls 8.1% of the share capital of NH Hotel Group, considers that the takeover bid of €6.4 per Minor International share "is low".

In addition, Hesperia has contacted the services of the American bank JPMorgan Chase to seek investors interested in making a counter-offer that rivals Minor International's proposal. Until now, only Hyatt Hotels had tried to address this situation.

Although Minor International already holds 45.2% of NH Hotel Group's shares, as long as the operator has not exceeded 50% of the capital, there are possibilities for counter-opas.

Also read: Hyatt backs away from buying NH Hotel Group

The Thai group, with 160 hotels and resorts, 2,100 restaurants and 400 stores in 40 countries, has gradually increased its stake in NH Hotel Group following the launch of a takeover bid for 100% of the company in mid-July.

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