Hilton Sends 2nd Letter to ITT

Hilton Hotels Corp. Chief Executive Stephen Bollenbach sent a second letter to ITT Corp. Chairman and Chief Executive Rand Araskog urging him to meet and discuss Hilton’s $10.5-billion hostile offer. Bollenbach said that delaying the combination would put the hotel and casino companies at a competitive disadvantage as other lodging companies rush to combine. Last week, Marriott International Inc. agreed to buy Renaissance Hotel Group for $1 billion in cash and assumed debt. Meanwhile, Hilton said it filed with the Securities and Exchange Commission a list of 25 candidates to replace ITT’s board. Beverly Hills-based Hilton is also asking shareholders at ITT’s next annual meeting to repeal any amendments made to ITT’s corporate bylaws that would prevent Hilton from acquiring the company. There was no immediate response from New York-based ITT.