Major investors back sale of Hilton
Hilton Hotels Corp. said Institutional Shareholder Services and Glass Lewis & Co. had recommended that investors vote for the company’s sale to Blackstone Group.
Beverly Hills-based Hilton made the announcement in a filing with the Securities and Exchange Commission. In July, Hilton said it agreed to a $20-billion buyout by Blackstone. The deal would end Hilton’s more than 60 years as a public company.
Stockholders would receive $47.50 a share, 32% more than the price July 3, the day the sale was announced. The hotel operator will have a shareholder meeting to vote on the sale Sept. 18.