NEWRY, ME American Skiing Co. and MeriStar Hotels & Resorts have withdrawn plans to merge the two companies due to changes in economic conditions and the combined companies reported inability to effect the capital markets transactions required to consummate the merger. Each company also announced the cancellation of shareholder meetings scheduled for approval of the merger.
The Boards of each MeriStar and American Skiing met separately on March 22, and, following an update from management on the status of the transaction, voted to terminate the merger plans. The companies each executed a letter terminating their existing merger agreement without liability to the other. (3/23/01)