Interstate Hotels Corporation (Nasdaq: IHCO) announced last Thursday that its Board of Directors will respond by April 24, 2002 to the partial tender offer for its Class A common shares announced by Shaner Hotel Group.
When Shaner’s partial tender offer was first announced on April 3, 2002, Interstate indicated that it would respond by April 16. Due to Shaner’s failure to comply until today with commencement procedures required by Securities and Exchange Commission regulations, Interstate has changed the response date.
As previously announced, the Interstate Board of Directors has appointed a Special Committee of independent directors to evaluate the offer. After the Special Committee reports to the Board of Directors, the Board will determine whether to recommend acceptance or rejection of the offer, express no opinion or remain neutral on the offer, or whether it is unable to take a position with respect to the offer. The Board`s response will be set forth in Interstate`s Solicitation/Recommendation Statement to be filed with the Commission on Schedule 14D-9.
Interstate urges stockholders not to decide whether to accept or reject the offer until they receive the Board`s recommendation.
Stockholders of Interstate are strongly advised to read Interstate`s Solicitation/Recommendation Statement on Schedule 14D-9 when it becomes available because it will contain important information. Stockholders and other interested parties may obtain, free of charge, copies of the Schedule 14D-9 and other documents filed by Interstate at the Commission`s internet website at www.sec.gov. Each of these documents may also be obtained, free of charge, by calling Investor Relations at Interstate at 412-937-0600.
Interstate Hotels Corporation operates approximately 135 hotels with more than 28,000 rooms in 37 states in the United States as well as Canada and Russia. For more information, visit www.interstatehotels.com.