Columbia Pacific Offers to Acquire Red Lion at $9.50 Per Share
Red Lion Hotels Corporation Receives Unsolicited Indication of Interest from Columbia Pacific Opport
SPOKANE, WA, June 30, 2008. Red Lion Hotels Corporation (NYSE:RLH) (the "Company") today said that it has received an unsolicited, non-binding and conditional preliminary indication of interest to acquire the Company from Columbia Pacific Opportunity Fund, LP ("Columbia"). Columbia also filed a Schedule 13D disclosing the preliminary indication of interest. The Company said that its Board of Directors, consistent with its fiduciary duties and in consultation with its financial and legal advisors, will evaluate the preliminary indication of interest carefully and promptly, and is committed to pursuing the course of action that it believes will maximize value for all of the Company's shareholders.
On June 27, 2008 Columbia Pacific Opportunity Fund LP, which holds 2.31 million shares or 12.7% of Red Lion Hotels Corp. (RLH), announced that it submitted a non-binding offer to acquire company's shares at cash price of $9.50 per share.
This offer price represents nearly 35% premium to the last closing price of $7.05. In the after-hours trading, the company's stock jumped 27.66% or $1.95, to $9.00. Columbia Pacific specified that its proposed transaction is in the best interests of the shareholders, and that Red Lion would be better able to realize enhanced value as a private entity.
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