Reported by Star-Bulletin staff & wire
Thursday, January 30, 1997
Reported by Star-Bulletin staff & wire
Thursday, January 30, 1997
Cheap Tickets Inc., a discount airline ticketing company, has opened a branch at University Square at King Street and University Avenue. Cheap Tickets
opens University outletIt is the fifth Hawaii location for Cheap Tickets. The others are on Kapiolani Boulevard near the Hawaii Convention Center, in the Windward City Shopping Center in Kaneohe, in the Pearl Highlands Center and in Kona.
Cheap Tickets, headed by Michael Hartley and founded in Hawaii, also has offices in several mainland cities.
BEVERLY HILLS, Calif. - Hilton Hotels Corp. asked a federal judge in Nevada to block ITT Corp. from using its "poison pill" anti-takeover measure to thwart Hilton's $10.5 billion unsolicited bid, Bloomberg News reported. Hilton asks court
to block ITT poison pillHilton said that ITT, which owns the Sheraton hotel chain and the Caesars World casinos, hasn't responded to its takeover offer. An ITT spokesman declined to comment.
Hilton said a judge in Nevada Federal Court set March 5 as a hearing date for the request. Hilton is also asking the court to stop ITT from increasing the number of directors on its board, which could hinder its efforts to acquire the company.
The moves comes as Hilton prepares to file with the Securities & Exchange Commission its cash tender offer for half of the outstanding ITT shares at $55 each by the end of the week, said Hilton spokesman Marc Grossman. Hilton offered to buy ITT on Monday for $6.5 billion in cash and assume $4 billion of ITT debt, which would make it the world's largest hotel and casino company.
A Hilton-Sheraton merger would create the largest hotel operator in Hawaii.
WASHINGTON - Thirty-year, fixed rate mortgages averaged 7.88 percent this week, up from 7.85 percent last week, according to a national survey released today by the Federal Home Loan Mortgage Corp. Thirty-year mortgages
rise to 7.88 percentIt was the highest since Oct. 17, when rates also averaged 7.88 percent. The previous high was 8.06 percent during the week ended Oct. 3.
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.55 percent, down from 5.57 percent last week.
Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 7.38 percent this week, up from 7.35 percent a week earlier.
The rates do not include add-on fees known as points.
