Barceló Corporación Empresarial, S.A. cancelled the unsolicited bid to acquire NH Hotel Group, S.A. from HNA Group Co., Ltd., Oceanwood Capital Management LLP, Henderson Global Investors Limited, Banco Santander, S.A., Investment Arm and others in a reverse merger transaction.
January 09, 2018
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Barceló Corporación Empresarial, S.A. made an unsolicited bid to acquire NH Hotel Group, S.A. (BME:NHH) from HNA Group Co., Ltd., Oceanwood Capital Management LLP, Henderson Global Investors (Holdings) Limited, Banco Santander, S.A., Investment Arm and others in a reverse merger transaction on November 20, 2017. The merger will take place through the issue of new shares issued by NH Hotel Group, S.A. to Barceló Corporación Empresarial. Barceló Corporación Empresarial will own 60% of the merged company. Barceló Corporación Empresarial will have a majority on the Board and the maximum governing body of the merged company would have sufficient members to ensure that the existing shareholders of NH Hotel Group, S.A. are represented.
The merged company will be headquartered in Madrid. The deal is conditional upon due diligence investigation, approval of an extraordinary shareholders meeting of NH, prior to which its Board of Directors of NH should have issued its position, approval of National Securities Market Commission exempting Barceló from launching a public takeover bid (OPA) for 100% of capital of NH. The transaction provides Barceló a period of 3 months to reach an agreement. Banco Santander, S.A. (BME:SAN) acted as financial advisor to Barceló Corporación Empresarial, S.A. and Bank of America Corporation (NYSE:BAC) acted as financial advisor to NH Hotel Group, S.A.
Barceló Corporación Empresarial, S.A. cancelled the unsolicited bid to acquire NH Hotel Group, S.A. (BME:NHH) from HNA Group Co., Ltd., Oceanwood Capital Management LLP, Henderson Global Investors (Holdings) Limited, Banco Santander, S.A., Investment Arm and others in a reverse merger transaction on January 10, 2018. On January 10, 2018, the Board of NH Hotel Group, S.A. unanimously rejected the proposed transaction stating inadequate offer price and exchange ratio as the reason for rejection.
NH Hotel Group SA, formerly NH HOTELES, S.A., is a Spain-based company primarily engaged in the hospitality sector. The Companyâs activities are divided into two business segments: Hotels and Real estate. The Hotels division is active in the management and exploitation of hotel chains under the NH Hoteles, NH Collection, Hesperia Resorts and nhow brand names. The Real estate division includes operations related to assets management. Apart from accommodation, the Companyâs services also include gastronomy and organization of banquets. Its hotels are located in Europe, the Americas and Africa. The Company is a parent of the NH Hotels Group, which comprises numerous subsidiaries, such as Nuevos Espacios Hoteleros SA, Latinoamerica de Gestion Hotelera SL and NH Hotel Ciutat De Reus SA.
Barceló Corporación Empresarial, S.A. cancelled the unsolicited bid to acquire NH Hotel Group, S.A. from HNA Group Co., Ltd., Oceanwood Capital Management LLP, Henderson Global Investors Limited, Banco Santander, S.A., Investment Arm and others in a reverse merger transaction.
MINOR HOTELS EUROPE & AMERICAS, S.A. 
