NH Hotel's independent board members quit as they oppose Thai parent's offer

Minor Hotels Europe & Americas SA

17/05/2023 07:51

May 17 (Reuters) - Spain's NH Hotel Group  NHH.MC  said
its three independent board members quit in opposition to the
offer made by company's main shareholder Minor International
 MINT.BK  to buy the shares it does not already own.
    Thai tourism group Minor International, which already owns a
94% of NH Hotel's shares, had made an offer for the remaining
outstanding shares at 4.50 euros ($4.95). The stock market
regulator said the price offered was too low and recommended a
price above 5.68 euros.
    In a letter sent to the regulator, the independent board
members, Alfredo Fernandez, Jose Maria Cantero de
Montes-Jovellar and Fernando Lacadena, said the offer was
"detrimental" to minority shareholders.
    The remaining board members opposed the statement and called
for a board meeting.
    During the pandemic, NH Hotel lost about 50% of its market
value and despite an industry recovery since late last year and
a strong price increase so far this year, shares still trade
much below the 6.30 euros Minor paid for its stake in 2018.
    ($1 = 0.9084 euros)

 (Reporting by Joanna Jonczyk-Gwizdala, Editing by Inti Landauro
and Louise Heavens)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 772 0920;))