Eagle Hospitality gets buyout offer |
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Wed, 28 Feb 2007 22:57
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COVINGTON, Ky. (AP) - Eagle Hospitality Properties Trust Inc., a real estate investment trust, said Wednesday it has received a proposal from affiliated company Corporex Companies to purchase all outstanding shares of the company.Eagle Hospitality was launched in 2004 as a spinoff of Corporex, a privately-held urban developer. Corporex founder William Butler is the chairman of the board at Eagle Hospitality.In a company statement Eagle Hospitality said it has instructed Morgan Stanley, its financial adviser, to consider the offer while accepting other solicitations.Eagle Hospitality previously announced it has formed a special committee to explore a possible sale of the company.Shares of Eagle Hospitality Properties Trust rose 37 cents, or 3.45 percent, Wednesday to close at $11.11 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Eagle Hospitality explores options 