NH Hotel Bidder Says Counteroffer From Hyatt Has Come Too Late
(Bloomberg) -- Hyatt Hotels Corp.’s interest in acquiring NH Hotel Group SA has come too late to stop rival Minor International Pcl’s own tender offer for the Spanish company, Dillip Rajakarier, chief operating officer of the Thai bidder said.
“Hyatt has entered the church and the bride has already left,” said Rajakarier in a phone interview 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 370 hotels, the company said on Thursday. Any resulting bid from Chicago-based Hyatt would be in competition with Minor’s tender offer, which valued the portion of NH Hotel it didn’t own at 1.64 billion euros ($1.91 billion) in early June, when the plans were first announced.
Shares in NH Hotel rose 8.9 percent in Madrid Friday. In an emailed statement earlier Friday, Lucas Martinez, a spokesman for NH Hotel Group, said the board received Hyatt’s letter and would decide how to proceed with Hyatt’s request in coming days.
A representative for Hyatt declined to comment.
Including a planned purchase of 8.4 percent of NH Hotel from HNA Group Co., Bangkok-based Minor is on course to own 44 percent of the Madrid-based firm.
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