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Hilton Expects Lengthy ITT Takeover Battle

May 09, 1997|(Jesus Sanchez)

Hilton Hotels Corp. President and Chief Executive Stephen F. Bollenbach said it could take until October to resolve his company's hostile bid to acquire ITT Corp. ITT, which owns the Sheraton hotel chain and Caesars Palace casino, has resisted all of Hilton's overtures and has postponed its annual shareholders meeting, which could take place as late as this fall. An ITT acquisition is "worth doing for us" but "we're really looking at a transaction that will be taken up sometime in October," said Bollenbach during Hilton's annual shareholder meeting in Beverly Hills. Hilton launched its takeover bid--valued at $6.5 billion--in January. Hilton shares lost 25 cents to close at $28.75 and ITT lost 12.5 cents to close at $59.75. Both trade on the New York Stock Exchange.

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