Minor International Public Company Limited (SET: MINT) announced that the Spanish Securities Market Commission (CNMV) has officially approved the company’s tender offer for the remaining shares from minor shareholders to delist Minor Hotels Europe & Americas (MHEA) from the Madrid, Barcelona, Bilbao, and Valencia stock exchanges. The offer will be executed via MHG Continental Holding (Singapore), a wholly owned subsidiary of MINT.
The tender offer is priced at €6.51 per share—representing a 0.8% premium to MHEA’s market price as of July 23, 2025. According to Bloomberg data, MHEA trades at 17.2 times forecasted 2025 earnings.
MINT, which already owns a 95.9% stake in MHEA, is looking to acquire the remaining 4.1% of shares—equivalent to roughly 18 million shares. The tender offer period is set from July to September 2025, pending regulatory procedures and fulfillment of tender conditions.
CGS International Securities (Thailand) (CGSI) notes that the deal would require an outlay of approximately THB 4.4 billion, which would increase MINT’s net gearing from 83% to 88% by the end of the second quarter of 2025—a level still seen as manageable by the analyst.
Following this, the brokerage firm maintains a positive outlook on MINT’s business trajectory, reiterating an ‘Add’ recommendation with a target price of THB 34, based on 8.2 times forecast 2026 EV/EBITDA.
