Spotlight: Hilton Sets Limits on Stock to Be Swapped for ITT

Beverly Hills-based Hilton Hotels Corp. will issue a minimum of 1.9 shares and a maximum of 2.3 shares it will swap for each share of New York-based ITT Corp. as part of its planned $11.5-billion bid for ITT. The limits mean that as long as Hilton’s stock price during a certain period is at least $29.82 and no more than $36.44, the trading value of stock to be issued will be $70. ITT shareholders will vote Nov. 12 to determine ITT’s fate. Hilton closed up $1.75 to $34.88; ITT rose 44 cents to $69.56. Both trade on the NYSE.