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Minor International yesterday announced that it has notified the National Securities Market Commission of Spain (CNMV) and the Madrid Stock Exchange of its intention to launch an all-cash public tender offer to acquire the remaining shares of NH Hotel Group. The proposed price is 6.40 euros per share, subject to fair price adjustment, the company said.
The proposed tender offer price represents a premium of 0.79 per cent on the closing share price of NH Hotel Group on May 22, the day before Minor’s announcement of the first share purchase of NH Hotel Group from Oceanwood.
 Given that NH Hotel Group’s board of directors has proposed a dividend payment of 0.10 euro per share (subject to the general shareholders' meeting on June 21), the dividend amount is expected to be deducted from the proposed tender offer price, which will be set at 6.30 euros per share once the authorisation of the CNMV is obtained. 
Minor’s proposed tender offer will be launched as a voluntary takeover bid and is subject to the approvals of its shareholders, the CNMV and clearance by relevant antitrust authorities.
Minor will hold its extraordinary general meeting on August 9 and in parallel, will file the tender offer with the CNMV by July 12. The tender offer process is expected to take three to five months from the announcement of the tender offer. 
Prior to the publication of the announcement of the voluntary tender offer, Minor had entered into an agreement to purchase an additional 3.6 per cent stake in NH Hotel Group from Oceanwood valued at 90 million euros.