Madrid, (EFE).- The National Securities Market Commission (CNMV) will maintain the suspension of the listing of the hotel company NH until Minor, its main shareholder, explains its share purchase announcement in the Spanish market, since it could be a takeover bid and be obliged to comply with certain legal conditions.
In a statement released this Tuesday, the stock market supervisor ensures that the information published so far “does not allow the minority investor to form a judgment about the announcement with full knowledge of the existing privileged information about NH.”
The CNMV recalls that Spanish regulations consider a takeover bid (takeover bid) to be any proposal addressed to the shareholders of a listed company whose objective is to purchase all or part of its shares at a fixed or determined price.
Minor will buy the titles at a maximum price of 4.5 euros
The hotel firm Minor, based in Bangkok and owner of 94% of the capital of NH, has reported on its website that it will buy NH shares on the Spanish stock market at a maximum price of 4.5 euros for 30 non-extendable days.
Minor’s announcement could constitute a takeover bid according to the regulations and, in the event that the takeover bid is not made, if you want to increase your stake you have to anticipate that intention to the market and do so through acquisitions at market prices at all times, remember the CNMV.
delisting bid
If it were an operation to exclude NH shares from trading, Minor would have to launch an exclusion bid at a justified price and that must first be validated by the CNMV.
Decision of the CNMV due to the lack of communication
Given the lack of communication to the Spanish market and the few known details, the CNMV has decided to keep NH suspended, which makes it impossible to buy and sell its shares “as long as Minor does not make public the information that allows orderly and fully informed trading”.
The CNMV suspended the negotiation of NH Hotel Group yesterday morning after requesting information about the operation at a time when the shares were trading at 3.6 euros per title, 25% below the maximum price that Minor has said is willing to pay.