The Thai Hotel Chain Minor International, through Singapureña Society MHG Continental Holding, his Exclusion OPA About 4% of the shares of the former NH Hotels – now renowned to Minor Hotels Europe & Americas– That they are not under their control, after the General Meeting of Shareholders held last month gave the green light to the movement between the criticism of the minority.
As reported to the National Securities Market Commission (CNMV), MCH (owner of 96% of the capital) formulates its public acquisition offer on all the representative actions of the capital of Minor Hotels Europe & Americas, to exclude them from contributions in Spanish values of values.
In the absence of the brochure with the offer, MCH proposes a consideration of 6.37 euros per titlewhich is a 40% cousin on the average value of the titles during the last six months.
The Council of Minor Hotels Europe & Americas approved the exclusion of negotiation on December 13, 2024, after which it led the proposal to the General Meeting of Shareholders and received the support of 99.58% of those present.
Andrew Chojnacki, commercial director of Minor Hotels, justified at the Board the exclusion of the actions after trying “several times” to keep the company on the stock market, but “there is very little Free float In the market “and”It was too expensive“, which has weighed the price of the titles.” That is why we think the offer to exclude the titles is the most interesting for the company and the market, “said the manager.
Despite its attempts, the maximum shareholder received the criticism of the minority, who considered that the value offered I did not recognize the advances of the company in terms of income and profitability during the last years nor its future forecasts.
The independent directors also questioned the consideration. Miriam González-Amzqueta, on behalf of all of them, said it would have been “more appropriate” that this price would have been “between the midpoint and the maximum price of the assessment set by EY”, something that would have taken into account ” Financial projections carried out in September 2024 and any expansion scenario not considered in the average rank of valuations. “
In his response, Chojnacki just pointed out that “Minor decided to choose the central zone” of the range determined by the valuation reports carried out by EY and Bank of America (Bofa).
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