Firm Tries to Take Over Associated Hosts Inc.
From States News Service
Patrick M. Nesbitt Associates Inc. has acquired the equivalent of 36% of Associated Hosts Inc. and will try take over the Beverly Hills-based company, according to a filing with the Securities and Exchange Commission.
The Los Angeles-based Nesbitt said it holds an option to buy up to 1.6 million common shares at $12 each from Joseph Bulasky, chairman of Associated. The option is expected to expire Sept. 22. If Nesbitt receives a financing commitment before that date, however, then the option will expire in December.
Nesbitt said it intends to acquire Associated Hosts, which operates hotels and restaurants, for about $55 million through either a tender offer, merger or a sale of the company’s assets, according to the filing.
