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News > Deals
Hilton won't raise ITT bid
October 21, 1997: 3:09 p.m. ET

Chairman Bollenbach tells analysts there will be no counter-offer
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NEW YORK (CNNfn) - Hilton Hotels Corp. said Tuesday it will not raise its $8.3 billion hostile bid for rival hospitality and gaming giant, ITT Corp.
     "We don't intend to make any sort of counter-offer," Stephen Bollenbach told analysts on a conference call following the release of earnings.
     The remarks come one day after ITT emerged with a white knight in the form of Starwood Lodging, which said it would acquire the parent of Sheraton Hotels for $13.3-billion, or $82 a share.
     Shares of Beverly Hills, Calif.-based Hilton (HLT) were up 1-1/2 at 34-1/2 in brisk afternoon trading. ITT's stock (ITT) was down 1/4 at 75-1/2.
     Still, ITT's shares currently stand above the $70-a-share price tag, offered by Hilton.
     "The reality is the market loves the deal that's been presented by Starwood Lodging," Bollenbach said.
     ITT's shareholders are scheduled to meet November 12.Back to top

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