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Monday, November 3, 1997 Published at 12:50 GMT
Business: UK Business Summary
HILTON HOTELS RAISES ITS OFFER FOR ITT
Hilton Hotels has raised its bid for ITT, owner of Sheraton Hotels, to $80 a share, valuing the company at $9.3bn. This tops an agreed $9.8bn for ITT from Starwood Lodging Trust and is $10 a share higher than Hilton''s original bid Hilton has filed a lawsuit against ITT and its directors, seeking to rescind ITT''s merger pact with Starwood. ITT said its board would meet promptly to evaluate Hilton''s new bid, but reiterated that it had a definitive merger agreement with Starwood.
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