Reported by Star-Bulletin staff & wire
Friday, March 28, 1997
BEVERLY HILLS, Calif. -- Hilton Hotels Corp. said it will extend its cash tender offer for ITT Corp. shares to April 25, according to Bloomberg News. Hilton Hotels extends offer
for ITT sharesThe offer for 50.1 percent of ITT shares at $55 a share was set to expire today.
To date, the company has accumulated only 1.5 million shares, or about 1 percent of the 122.7 million of ITT shares that are outstanding.
Hilton isn't surprised that so few shares have been tendered.
"It isn't unusual for being this early in the process," said Marc Grossman, a spokesman for the Beverly Hills, Calif.-based hotel group.
Hilton made its $10.5 billion hostile offer for ITT, the owner of the Sheraton hotel chain and Caesars World casinos, on Jan. 27. That offer represents a 29 percent premium over the closing price for New York-based ITT's stock on that day.
TOKYO -- The dollar inched higher against the yen in quiet trading today, with many foreign participants absent because of the Easter holiday. Tokyo stock prices slipped in thin trading. Dollar up, Nikkei down
in light Tokyo tradingThe dollar traded at 123.66 yen at late afternoon, up 0.04 yen from late yesterday in Tokyo and also above its late New York level of 123.48 yen overnight.
The Nikkei stock average of 225 selected issues fell 20.70 points, closing the week at 18,189.72 points.