THE Hilton Hotel Corporation will have to cough up more than half a billion dollars if it decides to back out of the Blackstone Group's $US26 billion takeover bid.
Whilst the Hilton directors have accepted the offer, it emerged yesterday that if the hotelier terminates the takeover agreement it will have to pay $560 million to the Blackstone Group.
Under the terms of the agreement, Blackstone will acquire all the outstanding common stock of Hilton for $US47.50 per share.
The Hilton family of brands includes Hilton, Conrad Hotels & Resorts, Doubletree, Embassy Suites, Hampton Inn, Hilton Garden Inn, Hilton Grand Vacations, Homewood Suites by Hilton, and The Waldorf=Astoria Collection.
Australian Property Journal
