2.31%C 7.40 5.37%QQQQ 27.81 2.83%
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SPOKANE, Wash. - Red Lion Hotels Corp. said Monday it has received an unsolicited takeover bid from shareholder Columbia Pacific Opportunity Fund LP.
| RLH | 3.02 |  -0.08 |
According to a filing with the Securities and Exchange Commission Friday, Columbia Pacific has offered to buy the hotel operator for $9.50 per share in cash, a 35 percent premium over the stock's Friday closing price of $7.05.
The deal is valued at $173.2 million, based on 18.2 million Red Lion shares outstanding as of April 30.
According to the filing, Columbia Pacific began discussing a possible transaction with Red Lion in April, but the hotel company subsequently discontinued the talks.
Columbia Pacific, which owns a 12.7 percent stake in the company, said it believes Red Lion would be able to realize enhanced value as a private entity.
Red Lion said its board will review the offer and that it is committed to pursuing the course of action that will maximize shareholder value.
As of March 31, the company operated 53 hotels in nine states and Canada.
Red Lion shares rose 32.6 percent to $9.35 in premarket trading Monday.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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