Strategic Hotels & Resorts may be a takeover target again as the company’s board of directors approved the acceleration of the shareholder rights protection plan’s expiration date.
The rights plan, which exists to protect the Chicago-based company from unwanted takeover attempts, was extended to November 30 after the ouster of longtime CEO Laurence Geller. Now the rights plan will expire no later than the close of business on June 14.
“These actions were taken following a careful review of our stockholder rights plan and after consultation with a number of our long-term shareholders. We will take immediate action to work with our third-party rights agent to terminate the stockholder rights plan,” said Raymond “Rip” Gellein Jr., chairman and CEO of Strategic Hotels & Resorts.