Hilton CEO Seeks Meeting With ITT

Hilton Hotels Corp. CEO Stephen Bollenbach asked to meet ITT Corp. Chairman Rand Araskog or make a presentation to ITT’s board of directors regarding Hilton’s proposed $10.5-billion takeover. ITT did not immediately respond to Bollenbach’s request, which was made in a letter sent Friday. Hilton also formally launched the $55-a-share cash tender offer for 50.1% of ITT’s shares. The offer expires Feb. 28 unless extended. The remaining ITT shares would be purchased later in Hilton stock. In Hilton’s filing with the Securities and Exchange Commission, the Beverly Hills-based hotel and gaming company said it has purchased more than 300,000 shares of ITT stock since Jan. 21. The company has also agreed to pay its investment advisor, Donaldson Lufkin & Jenrette Securities Corp., more than $15 million to complete the deal. Hilton also confirmed that it was in discussions to acquire Atlantic City-based Claridge Hotel & Casino Corp.