SPRINGFIELD, MO— The board of directors at John Q. Hammons Hotels, Inc. has established a special committee designed to review the acquisition proposal received from Barcelo Crestline Corporation. Barcelo Crestline wants to purchase all of the outstanding shares of John Q. Hammons Hotels’ Class A Common Stock for $13 a share. The committee has been authorized to evaluate and review the proposal, negotiate the terms of the proposed transaction and make recommendations to the board of directors on behalf of the Class A shareholders. Lehman Brothers will be the committee’s financial advisor and the law firm of Katten Muchin Zavis Rosenman will also assist the committee. Meanwhile, a complaint has been filed in the Court of Chancery in the State of Delaware against John Q. Hammons Hotels and its board of directors. The complaint alleges that Barcelo Crestline’s acquisition proposal is inadequate and that the board of directors has breached its fiduciary duties. A stockholder reportedly filed the complaint.
