Hilton ups the ante for control of ITT
The manoeuvre, ordered by Hilton's combative chief executive, Stephen Bollenbach, represents one more attempt at overcoming the various defensive moves adopted by ITT in recent weeks aimed at defeating the bid.
The proposed stock and cash transaction has a value of $8.3bn (pounds 5.3bn) which grows to $11.5bn once assumption of ITT debt is taken into account. At that level, it would represent a 64 per cent premium over ITT's trading price when Hilton made its first move with a $55-a-share bid in January.
The bid's chances seemed to fade somewhat over recent weeks, notably after ITT announced last month that it was splitting itself into three and initiating a stock buy-back. Previously, ITT moved to sell some of its hotels that it believed were most attractive to Hilton in the first place.
The new Hilton pitch is likely to reinvigorate the struggle, however, as many ITT shareholders consider the latest offer on the table. If successful, the takeover would create a Goliath in the hotel, gambling and entertainment industry.
- 1 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 2 Does the path to true love really lie in these 36 questions?
- 3 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 4 Presidential optical illusion offers clues to how brain processes faces
- 5 Roald Dahl letter warning student to 'eschew beastly adjectives' rediscovered after 35 years
King Salman: Just five days in, Saudi Arabia's new king has already overseen a beheading
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Presidential optical illusion offers clues to how brain processes faces
Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Louise Mensch says 'F**K YOU' in explosive tweets about David Cameron, Saudi Embassy and the Queen over King Abdullah tributes
iJobs Money & Business
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...