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Hilton extends offer
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February 28, 1997: 3:37 p.m. ET
Company sets new March 28 deadline for rest of ITT shares
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NEW YORK (CNNfn) - Hilton Hotels Corp. on Friday extended its tender offer for ITT Corp. until March 28.
The original offer to acquire 50.1 percent of ITT shares at $55 each was to expire Friday. To date, approximately 710,000 ITT shares have been tendered.
After the tender offer is completed, Hilton plans to exchange remaining ITT shares for Hilton stock at $55 a share. ITT has about 122.7 million shares, giving the transaction a total net equity value of about $6.5 billion.
The proposed deal took another step forward at midnight Thursday. At that time, the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act expired.
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