ITT Board Mum on Hilton Bid Meeting

ITT Corp.’s board met but took no action on Hilton Hotels Corp.’s $6.5-billion cash-and-stock bid. ITT spokesman Jim Gallagher confirmed that the directors met but said, “We have no public comment about the specifics of the meeting at all.” Sources close to ITT had said the meeting would probably be an informational session involving a financial analysis of the unsolicited offer. Another meeting to consider the bid has not been set, Gallagher said. Los Angeles-based Hilton’s offer values New York-based ITT at $55 a share and calls for the assumption of about $4 billion in debt. Gallagher noted that ITT has until Feb. 14 to respond. Hilton said it has not yet been contacted by ITT and received no information out of the meeting. Hilton shares lost 50 cents to close at $28.25; ITT shares dropped 25 cents to close at $56.75. Both trade on the New York Stock Exchange.