PHOENIX — Ramada Inc. unveiled a restructuring plan Thursday in which the company will sell off its hotel and restaurant businesses and pay stockholders at least $278 million.
Joe Cole, vice president for corporate communications, said the program was partly a result of a recent buyout attempt by Chicago's Pritzker family, which, with 7.2%, is Ramada's largest shareholder.
Last month Ramada rejected a friendly $368-million offer from the Pritzkers, saying it was inadequate. Cole said, however, that the Pritzkers remain potential buyers for the hotel business.
Ramada disclosed earlier this month that it was considering a restructuring as an alternative to the Pritzker's buyout offer.
Ramada, which owns Marie Callender's restaurants and controls 800 hotels, decided to withdraw from those businesses and concentrate on its more successful gambling operations, which include Tropworld in Atlantic City, N.J., and the Tropicana in Las Vegas.
The restructuring plan also would pay stockholders at least $7 a share, depending on the company's ability to sell off the hotel and restaurant operations.