Word: itt
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...ITT SLIPS OUT OF HILTON'S GRASP...
Dvide and remain unconquered. ITT Corp.'s twist on a classic strategy is sure to repel Hilton Corp., which made a $6.5 billion offer for the owner of Sheraton hotels and Caesar's casinos earlier this year. For the second time in two years, ITT is slicing itself into three separate, publicly traded companies. The parts will be ITT Destinations, a hospitality and gaming company; ITT Corp., publisher of overseas Yellow Pages directories; and ITT Educational Services, a group of technical schools...
...turned from defense to a scorched-earth policy that is beginning to seem aimed more at saving the CEO's crown than protecting shareholders' interests. Having sold nearly all nonessential holdings--including one of its two corporate jets--and laid off 125 people at its New York City headquarters, ITT is now stripping away promising casinos and profitable hotels, the very heart of the svelte new company that Araskog says he wants to create. Recently ITT sold five Sheraton hotels for $200 million, without competitive bidding, to FelCor Suite Hotels, the largest owner of the Embassy Suite hotels. Then...
Takeover wars are always messy clashes of money and egos in which each side accuses the other of trying to give shareholders the shaft. But the bitter and protracted fight for ITT (1996 sales: $6.6 billion) is a throwback to the corporate wars of the 1980s. "It is very troubling that he didn't put the hotel properties up for bidding," says Mark Sirower, a professor of corporate strategies at N.Y.U.'s Stern School of Business and author of The Synergy Trap: How Companies Lose the Acquisition Game. "He's supposed to maximize the value of these assets...
...sought to transform himself from a poster boy for overpaid executives to a self-styled champion of shareholder rights. Yet Araskog, who served the National Security Agency as an interrogator of Soviet defectors in the '50s, can't seem to help treating everyone from Hilton CEO Stephen Bollenbach to ITT shareholders as if they might really be agents of a subversive foreign power...