Interstate Hotels Corporation (Nasdaq: IHCO) announced today that it is evaluating the tender offer by Shaner Hotel Group Limited Partnership. On April 3, 2002, Shaner Hotel Group commenced a tender offer to acquire 2,465,322 shares of Class A common stock of Interstate for $3.00 per share in cash.
Following Shaner Hotel Group`s public announcement on March 27, 2002, of its intention to commence this tender offer, a Special Committee of Interstate`s independent directors was authorized to review and evaluate the terms and conditions of the offer with respect to Interstate`s public stockholders. The Special Committee has engaged Miles & Stockbridge, a Baltimore law firm, as its legal counsel and is in the process of engaging a financial advisor to assist it in this review and evaluation.
The Special Committee is evaluating the offer. When 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 requests that stockholders defer making a determination whether to accept or reject the offer until being advised of the Special Committee`s and the Board`s recommendation to be set forth in Interstate`s Solicitation/Recommendation Statement on Schedule 14D-9, which will be filed no later than April 16, 2002.
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 SEC`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, a Maryland 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.