Word: itt
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Dates: during 1990-1999
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Silverman, who founded HFS as Hospitality Franchise Systems in 1990 and took it public in 1992, has his company in the thick of some of the hottest plays on Wall Street. If Hilton Hotels Corp. succeeds in its hostile $6.5 billion takeover bid for ITT Corp. and its chain of 424 Sheraton properties, as many analysts think likely, HFS will add the luxe Sheraton brand to its already bulging portfolio. That's because Hilton ceo Stephen Bollenbach wants to license HFS to franchise the Sheraton trademark worldwide. Says Bollenbach of Silverman: "He can do more for the Sheraton brand than...
...YORK: ITT brushed aside Hilton's hostile takeover bid with a brisk "no thanks, and, by the way, your offer is too low." ITT, which owns numerous properties including Sheraton hotels and Madison Square Garden, said that besides being too low, the Hilton offer of $55 a share (or $6.5 billion total) was incompatible with its goals. "There are serious business conflicts in a Sheraton-Hilton combination," said ITT chairman Rand Araskog. The move is part of a strategy designed to push Hilton's offer above $60 a share. "This is not the end of it. Now the real...
...Hilton/ITT combination would create the world's largest hotel-and-gaming company, with more than 650 hotels and 30 casinos from Las Vegas to Turkey to Uruguay. (Combined revenues: $8.5 billion, with ITT accounting for 77% of the total.) "This should be the merger of the century in the hotel-and-gaming industry," says Bjorn Hanson, chairman of the hospitality-industry practice at Coopers & Lybrand, an accounting and consulting firm...
...Bollenbach prevails, that is. Araskog greeted the offer with public silence and began privately assembling a defense team. He has run ITT since 1979 and seems primed for a big battle. "Sheraton would rather take over Hilton than be taken over by it," says Morris Lasky, ceo of Lodging Unlimited, a hotel-management and consulting firm. Lasky likened Hilton and ITT to "two titans that will go nose to nose." Just the prospect of such a fight sent ITT stock up a whopping $14.75 a share, to $58.50, the day Hilton launched its offer. (ITT shares closed Friday...
...Bollenbach is in a buying mood, and even if Hilton does swallow ITT, the company's appetite for new acquisitions will remain undiminished. Hilton has been quietly buying up the debt of Claridge Hotel & Casino Corp., a struggling gaming firm. "We're going to stick to our strategy," Bollenbach says. Which means? "More deals coming...