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Ramada Inc

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BUSINESS
September 9, 1988 | Associated Press
Hyatt Corp. offered Thursday to buy rival hotelier Ramada Inc. for an estimated $397 million. Ramada officials were noncommittal after Hyatt announced its bid, but investors reacted enthusiastically to the offer, bidding Ramada stock up $2.125 a share to $9.75, up 28%, in New York Stock Exchange trading. Hyatt chief Jay Pritzker made the offer in a letter to Ramada Chairman Richard Snell, Hyatt spokeswoman Karen Rugen said.
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CALIFORNIA | LOCAL
May 16, 1992 | JOHN SCHWADA, TIMES STAFF WRITER
Los Angeles redevelopment officials, looking for some way to bring a new hotel to a run-down area of North Hollywood, have been presented with a convoluted plan under which an Oklahoma Indian tribe would borrow money from the state of Florida to build a Ramada Inn on Lankershim Boulevard. The first American-Indian tribe approached, however, may have lost interest.
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BUSINESS
October 12, 1989 | From Associated Press
Ramada Inc. on Wednesday called off a restructuring under which it would have sold its 825 hotels because of unstable conditions in the junk bond market. The hotel chain canceled a $400-million debt offering that was a prerequisite for the restructuring and said it could offer "no assurance" the deal would be completed. Ramada earlier this year said it said it would sell its worldwide hotel business to New World Hotel Holdings Ltd. of Hong Kong for about $540 million.
BUSINESS
July 4, 1989 | From United Press International
Ramada Inc., in the midst of the sale of its hotel business as part of a massive restructuring program, said Monday that it plans to change its name to Aztar Corp. The name change will occur once the $540-million sale of the Ramada hotel chain to New World Development of Hong Kong is completed, a statement by Ramada said. If that sale is completed, Aztar's remaining properties will be in the gaming business. Aztar will keep its home office in Ramada's present corporate headquarters in Phoenix.
BUSINESS
October 21, 1988 | Associated Press
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.
BUSINESS
February 18, 1988 | From Reuters
A shareholder group made up of affiliates of the Pritzker family of Chicago said Wednesday that it has held talks among its members and with third parties on a possible acquisition or restructuring of Ramada Inc. In a filing with the Securities and Exchange Commission, the Pritzker group said it has been approached by unidentified "independent third parties with respect to a possible acquisition or restructuring" of Ramada. The group did not say when it was contacted by the third parties.
BUSINESS
October 13, 1989 | From Reuters
Junk bond prices fell sharply Thursday following Ramada Inc.'s withdrawal Wednesday of a $400-million high-yield debt offering--the latest in a series of negative events to rock the already jittery market. The market responded dramatically to Ramada's announcement, with nervous investors selling off even the highest quality issues in the $210-billion market. "We're seeing a crisis of confidence in the market," said Bill Veronda, senior vice president of Financial Progams Inc.
BUSINESS
July 15, 1989 | MARY ANN GALANTE, Times Staff Writer
Donald W. Callender, founder of the Marie Callender Pie Shops chain, can sell his 2.5 million shares of Ramada Inc. stock, an Orange County Superior Court judge has ruled. But the preliminary order issued Thursday by Judge Eileen C. Moore does not end Callender's legal skirmishes with Ramada. And according to Robert Crockett, an attorney for Ramada, restrictions remain on the number of shares Callender can sell each month without first getting Ramada's approval.
BUSINESS
December 13, 1989 | TOM FURLONG, TIMES STAFF WRITER
Hotel Investors, a management and investment company in Woodland Hills, said Tuesday that it has agreed to sell 35 hotels for $201 million to two buyers, including the American affiliate of Tokyo-based EIE International. EIE is buying 32 of the hotels for $189 million through Park Plaza, its Dallas-based subsidiary, which owns and operates more than 70 Park Plaza and Park Inn hotels nationwide. The other three hotels are being sold to a second buyer, who was not identified.
BUSINESS
October 14, 1989 | TOM FURLONG, TOM FURLONG, TIMES STAFF WRITER
The plunge in stock prices Friday is the most dramatic evidence yet of how turbulent and uncertain the securities market has become for highly leveraged buyouts and takeovers that leave acquired companies heavily in debt, experts said Friday. Friday's drop of 190 points in the Dow Jones industrial average was sparked in part by the news that a labor-management group had failed to get financing for a proposed $6.75-billion takeover of UAL Corp., parent company of United Airlines in Chicago.
BUSINESS
October 13, 1989 | From Reuters
Junk bond prices fell sharply Thursday following Ramada Inc.'s withdrawal Wednesday of a $400-million high-yield debt offering--the latest in a series of negative events to rock the already jittery market. The market responded dramatically to Ramada's announcement, with nervous investors selling off even the highest quality issues in the $210-billion market. "We're seeing a crisis of confidence in the market," said Bill Veronda, senior vice president of Financial Progams Inc.
BUSINESS
October 12, 1989 | From Associated Press
Ramada Inc. on Wednesday called off a restructuring under which it would have sold its 825 hotels because of unstable conditions in the junk bond market. The hotel chain canceled a $400-million debt offering that was a prerequisite for the restructuring and said it could offer "no assurance" the deal would be completed. Ramada earlier this year said it said it would sell its worldwide hotel business to New World Hotel Holdings Ltd. of Hong Kong for about $540 million.
BUSINESS
July 15, 1989 | MARY ANN GALANTE, Times Staff Writer
Donald W. Callender, founder of the Marie Callender Pie Shops chain, can sell his 2.5 million shares of Ramada Inc. stock, an Orange County Superior Court judge has ruled. But the preliminary order issued Thursday by Judge Eileen C. Moore does not end Callender's legal skirmishes with Ramada. And according to Robert Crockett, an attorney for Ramada, restrictions remain on the number of shares Callender can sell each month without first getting Ramada's approval.
CALIFORNIA | LOCAL
May 16, 1992 | JOHN SCHWADA, TIMES STAFF WRITER
Los Angeles redevelopment officials, looking for some way to bring a new hotel to a run-down area of North Hollywood, have been presented with a convoluted plan under which an Oklahoma Indian tribe would borrow money from the state of Florida to build a Ramada Inn on Lankershim Boulevard. The first American-Indian tribe approached, however, may have lost interest.
BUSINESS
July 4, 1989 | From United Press International
Ramada Inc., in the midst of the sale of its hotel business as part of a massive restructuring program, said Monday that it plans to change its name to Aztar Corp. The name change will occur once the $540-million sale of the Ramada hotel chain to New World Development of Hong Kong is completed, a statement by Ramada said. If that sale is completed, Aztar's remaining properties will be in the gaming business. Aztar will keep its home office in Ramada's present corporate headquarters in Phoenix.
BUSINESS
April 11, 1989 | From Times wire services
The billionaire Pritzker family said today that it has cut its stake in Ramada Inc. to 4.8% from 7.2%, indicating that the Arizona-based hotelier has won a fight to remain independent. HCC Corp., a Chicago-based company headed by Jay A. Pritzker, said in an April 5 filing with the Securities and Exchange Commission it had sold a total of 959,100 shares of Ramada stock from March 16 through April 5 at an average price of $11.29 a share. Pritzker would not comment on the reasons for the stock sale, said his secretary, Rhonda Scheiss.
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