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Hilton won't raise ITT bid
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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.
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