MHG International Holding (Singapore) Pte. Ltd. made an offer to acquire 65.4% stake in NH Hotel Group, S.A. (BME:NHH) for €1.6 billion on June 4, 2018. MHG International Holding (Singapore) Pte. Ltd. made an offer to acquire 61.8% stake in NH Hotel Group, S.A. (BME:NHH) for €1.5 billion on July 16, 2018. As part of offer, MHG International will acquire 256.6 million shares of NH Hotel at €6.4 per share. As part of offer, MHG International will now acquire 242.3 million shares of NH Hotel at €6.3 per share. The offer price shall decrease by €0.10 per share from €6.40 per share to €6.30 per share. In related transactions, Minor International Public Company Limited (SET:MINT) signed an agreement to acquire 26.47% stake in NH Hotel Group, S.A. (BME:NHH) from Tangla Spain, S.L.U. for approximately €620 million on June 4, 2018. As of October 2, 2018, the bid is addressed to 53.75% of the NH Hotel shares, as MHG already owns the other 46.25% shares in NH Hotel and the total price of the bid is around €1.33 billion. The transaction will be funded with bridging facility from financial institutions for a period of 18 months, which may be refinanced in the future if deemed appropriate by Minor International. As disclosed on October 2, 2018, the funding for the acquisition is being carried out by way of a bridge credit facility of €1375 million. Post-completion, MHG intends to keep NH Hotel Group as a public listed company. Minor International has no plans to carry out corporate restructuring involving NH Hotel. As of June 21, 2018, Minor International covered three vacancies in the Board of NH Hotel through the appointment of Emmanuel Jude Dillipraj Rajakarier, Stephen Andrew Chojnacki and William Ellwood Heinecke as Proprietary Directors from Minor International. As of August 31, 2018, Alfredo Fernández Agras resigned as Proprietary Director as a result of the sale by Oceanwood Funds, but was later on appointed as a Director of NH Hotel by means of a co-option procedure. Minor International has no intention to change any location where NH Hotel is currently present or intended to be present unless such change in location is already included in NH Hotel’s strategic plan. The transaction is subject to approval by shareholders of Minor International Public Company, National Securities Market Commission’s regulatory compliance and associated approval, clearance by relevant anti-trust authorities, Minor International obtaining sufficient financial support from financial institutions for the transaction and approval to appoint Avantgarde Capital Co., Ltd. as an independent financial advisor to provide an opinion on the transaction. As on June 4, 2018, Board of Directors of Minor International unanimously approved the acquisition of shares. On June 11, 2018, the initial announcement of takeover bid for remaining shares in NH Hotel Group was made to the National Securities Market Commission of Spain (CNMV). On June 15, 2018, MINT executed purchase of additional 3.57% stake in NH Hotel Group from Oceanwood Capital Management LLP, thereby holding 29.82% stake in NH Hotel Group. As per resolutions that have been approved during the Shareholders’ meeting and the Board of Directors meeting of NHH on June 21, 2018, Three MINT executives namely; William Ellwood Heinecke, Emmanuel Jude Dillipraj Rajakarier and Stephen Andrew Chojnacki, were elected as NHH Board members. The tender offer has been admitted for processing on July 19, 2018. Upon approval by CNMV, MHG International Holding (Singapore) Pte. Ltd. will move ahead with the tender offer. As on July 19, 2018, the transaction has received approval from Spanish antitrust authority, The National Commission on Markets and Competition and Portuguese competition authority, Autoridade da Concorrência. As of August 9, 2018, the transaction was approved by the shareholders of Minor International Public Company Limited, the ultimate parent of MHG International Holding (Singapore) Pte. Ltd. As of October 2, 2018, the transaction has been approved by CNMV. Consequently, the conditions to which the bid was subject to on the date of its filing have been fulfilled. As on October 9, 2018, the board of directors of NH Hotel Group did not accept Minor's offer of €6.3 per share and voted against it. The transaction is expected to close in September 2018. As of August 10, 2018, the offer is expected to be completed by October 2018. As of October 2, 2018, MHG launch the tender offer. The offer period will commence on October 8, 2018 and will end on October 22, 2018. The investment in NH Hotel Group is financially attractive for Minor International with favorable upside potential, backed by robust business fundamentals, high-caliber management team and proven disciplined approach to deliver consistent growth. The transaction will be potentially synergistic that can be leveraged across Minor Hotels & NH Hotel Group. Avantgarde Capital Company Limited acted as financial advisor for Minor International Public Company Limited, ultimate parent of MHG International Holding (Singapore) Pte. Ltd. Bank of America Merrill Lynch acted as financial advisor and Uría Menéndez acted as legal advisor to the Board of Directors of NH Hotel. Evercore acted as financial advisor for Minor International Public Company Limited while Baker & McKenzie acted as legal advisor.