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Home » Interstate Hotels To Evaluate Shaner Hotel Group’s Tender Offer
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Interstate Hotels To Evaluate Shaner Hotel Group’s Tender Offer

By Hotel BusinessApril 4, 20022 Mins Read
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PITTSBURGH— Interstate Hotels Corp. said it is evaluating the tender offer recently made by Shaner Hotel Group Limited Partnership, and has authorized a special committee of Interstates independent directors to review and evaluate the terms of the offer with respect to Interstates public stockholders. The special committee has engaged Miles & Stockbridge, a Baltimore law firm, as its legal counsel and is in the process of engaging a financial advisor to assist it in this review and evaluation. When the special committee reports to the board of directors, the board will determine whether to: recommend acceptance or rejection of the offer; express no opinion; or remain neutral on the offer, or whether it is unable to take a position with respect to the offer. The board requests that stockholders defer making a determination whether to accept or reject the offer until being advised of the special committees and the boards recommendation to be set forth in Interstates Solicitation/Recommendation Statement on Schedule 14D-9, which will be filed no later than April 16, 2002, said the company. Stockholders of Interstate are strongly advised to read Interstates Solicitation/Recommendation Statement on Schedule 14D-9 when it becomes available. On April 3, 2002, Shaner Hotel Group commenced a tender offer to acquire 2,465,322 shares of Class A common stock of Interstate for $3 per share in cash.

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