Columbia Pacific seeks to acquire Red Lion Hotels for $9.50 per share

By Lisa Kerner

Charlotte, N.C., June 27 - Red Lion Hotels Corp. shareholder Columbia Pacific Opportunity Fund, LP and its affiliates presented the company with a non-binding offer to acquire all of the outstanding shares of Red Lion at cash price of $9.50 per share.

The offer letter was included in a schedule 13D filing with the Securities and Exchange Commission.

Columbia Pacific, a 12.7% shareholder, said the offer price is a 35% premium to Red Lion's closing price of $7.05 on June 27.

Red Lion is a Spokane, Wash., hospitality and leisure company.

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