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The full Hilton/ITT saga
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November 12, 1997: 3:27 p.m. ET
Trace the events since January of Hilton's takeover attempt of ITT
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NEW YORK (CNNfn) - Following is a chronology of events in Hilton Hotels Corp's hostile takeover bid for ITT Corp.
Jan. 27, 1997 - Hilton makes its original offer to ITT of $55 a share, or $6.5 billion in cash and stock, and $4 billion in debt assumption. Hilton chairman Stephen Bollenbach said ITT had rebuffed friendly merger talks last fall. (full story)
Jan. 30, 1997 - Hilton hints that it might sell off ITT's non-gambling assets like Madison Square Garden, the Knicks and the Rangers if the takeover is successful. (full story)
Feb. 12, 1997 - ITT rejects Hilton's offer, calling it 'inadequate.' (full story)
Feb. 21, 1997 - ITT looks to acquire Italian directory publisher SEAT SpA, despite plans to unload other assets. (full story)
Feb. 28, 1997 - Hilton extends its offer until March 28. (full story)
March 6, 1997 - ITT steps up its defense and agrees to sell its stake in MSG to Cablevision Systems Corp. for $650 million. (full story)
May 12, 1997 - ITT and Dow Jones sell jointly-owned WBIS+ TV-31 to Paxson Communications $257.5 million. (full story)
June 9, 1997 - ITT continues to shed assets, this time agreeing to sell five of its Sheraton hotels to FelCor Suite Hotels for $200 million. Hilton isn't fazed and says it will continue to pursue ITT. (full story)
July 16, 1997 - ITT proposes a $70 per share self-tender for 30 million shares in an effort to thwart its hostile suitor. As part of the so-called 'comprehensive plan,' ITT also proposes splitting itself into three companies: ITT Corp., a telephone directories company; ITT Educational Services Inc.; and ITT Destinations Inc., a hotel and gaming company.
Aug. 5, 1997 - Hilton files legal motions in federal court seeking to halt the planned breakup.
Aug. 6, 1997 - Hilton turns up the heat, raising its bid to $8.3 billion, or $70 a share - matching ITT's self-tender price. Including the assumption of debt, the new total price tag is $11.5 billion. Bollenbach says this is the final offer. (full story)
Aug. 14, 1997 - ITT turns down Hilton's second bid, again calling it "inadequate and not in the best interests of ITT shareholders." The firm sticks to plans to split into three separate companies. A Hilton spokesman says, "That's baloney." (full story)
Sept. 18, 1997 - Casino regulators in New Jersey say they don't want to approve ITT's spinoff plans until they get word from Hilton. (full story)
Sept. 26, 1997 - N.J. casino regulators back down and approve the plans, despite Hilton's objections. (full story)
Sept. 29, 1997 - Hilton wins a major victory when a federal judge in Las Vegas blocks the three-way break-up of ITT, saying the matter must be put before a shareholder vote. (full story)
Sept. 30, 1997 - ITT reworks its break-up plans. (full story)
Hilton again extends its offer, giving ITT until Oct. 10 to make a decision. (full story)
Oct. 8, 1997 - Bollenbach talks to CNNfn, saying he was joking when he called ITT chairman Rand Araskog a 'super weenie' in a recent interview. (full story)
Oct. 20, 1997 - ITT finds a white knight. Starwood Lodging Trust rides in and offers the company $13.3 billion in cash and stock. (full story)
Oct. 21, 1997 - Hilton appears to concede defeat and says it won't raise its offer. (full story)
Oct. 24, 1997 - Just in case the Starwood deal unravels, Hilton says it will keep its offer of $70 a share on the table until Oct. 31.
But published reports hint Hilton might have given up on ITT and is now eyeing casino operator MGM Grand. (full story)
Nov. 3, 1997 - Nine days before shareholders are to vote on the Starwood deal, Hilton ups its offer again. The company raises its cash offer to $80 per share ($9.3 billion) for 65 million shares, or about a 55 percent stake. That contrasts its prior offer of $70 per share for 50 percent. Bollenbach says changing market conditions made the revised bid possible.
Although the offer falls short of Starwood's $82 a share proposal, it includes more cash. (full story)
Nov. 4, 1997 - Starwood considers revising its offer for ITT, perhaps raising the cash portion of the deal or joining with other interested parties. (full story)
ITT finally thinks Hilton's most recent $9.3 billion bid is respectable, and puts itself in "auction mode" as it enters talks with Hilton. (full story)
Nov. 12, 1997 - ITT shareholders re-elect the company's board of directors, dealing a blow to Hilton, which had sought to elect its own slate of directors so that it could proceed with its $9.3 billion hostile takeover.
ITT President and Chief Operating Officer Robert Bowman said afterward ITT hopes to close the deal with bidder Starwood Lodging Trust quickly but he declined to offer a specific timetable. (full story)
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