Hilton Extends Cash Tender Offer for ITT

Hilton Hotels Corp. said it extended its cash tender offer for 50.1% of the shares of ITT to April 25. Beverly Hills-based Hilton is seeking to purchase ITT in a $6.5-billion bid. The offer was to have expired Friday. Hilton said that to date, about 1.5 million ITT shares have been tendered. ITT has about 122.7 million shares outstanding on a fully diluted basis. Hilton launched its hostile bid for ITT in January. New York-based ITT promptly rejected the bid and has embarked on a strategy of selling non-core assets, including a $650-million deal to sell Madison Square Garden Inc. On March 21, Hilton filed a final proxy solicitation, clearing the way for the company to seek shareholder votes in its attempt to unseat ITT’s board of directors. On Thursday, Hilton shares lost 25 cents to close at $24.50; ITT shares lost 50 cents to close at $59.125. Both trade on the New York Stock Exchange.