Offers for Hotel Investors Withdrawn: The Los...
From Times Staff and Wire Reports
Offers for Hotel Investors Withdrawn: The Los Angeles-based concern, which was to be the target of two potential bidders at its shareholders meeting this week, said that both prospective deals have been withdrawn. The bids were being made by First West Capital Corp. of Newport Beach, which had offered $63.5 million, or $5.25 a share, and Japan-based EIE International, which had made a bid of $63.5 million. The company, which owns 37 hotels across the United States, said it had allowed the First West proposal to lapse because of “concerns” over the ability of First West to complete the deal.
