No buyers for Red Lion Hotels

By Lisa Kerner

Charlotte, N.C., Oct. 20 - Red Lion Hotels Corp. said it received preliminary indications of interest from multiple parties but did not receive any definitive proposals during its strategic review process.

The recent downturn in the U.S. and global economies and credit markets were to blame, according to Red Lion.

Red Lion had entered into confidentiality agreements with Columbia Pacific Opportunity Fund, LP and others as part of the review process, a company news release said.

In August, it was reported that Columbia Pacific, a 12.7% shareholder, and its affiliates presented Red Lion with a non-binding offer to acquire all of the outstanding shares of the company for $9.50 cash per share.

Columbia Pacific has since withdrawn its previous indication of interest in acquiring the Spokane, Wash., hospitality and leisure company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.