Morgans Hotel Group Gets Last-Minute Mystery Bid
Morgans Hotel Group will not yet vote on a Ron Burkle-backed takeover bid, after receiving a higher offer from an unnamed bidder.
The company was set to vote on Burkle and SBE Entertainment’s bid of $2.25 per share, or $800 million, last week. But now it has pushed the meeting back to Sept. 26, allowing the rival suitor to finalize its offer of $2.75 a share.
Morgans, which operates boutique hotels including the Hudson in Columbus Circle, faces $575 million in debt.