SPRINGFIELD, MO— A special committee of John Q. Hammons Hotels, Inc.’s board of directors has approved an agreement between an investor group and its principal stockholder, John Q. Hammons, in connection with the investor groups proposed acquisition of the company. Either the investor group or Mr. Hammons may terminate the transaction agreement if, on or before June 2, the parties have not signed definitive agreements for each of the arrangements described in the transaction agreement. The board has allowed the parties until June 30 or the termination of the transaction agreement to finalize these agreements. The investor group also reconfirmed its offer to acquire the companys Class A shares for $24 per share and acknowledged that the special committee has reserved the right to recommend to the board that any merger be subject to the approval of a majority of the Class A stockholders other than Hammons and his affiliated entities.
