CHICAGO (AP) — Strategic Hotels & Resorts Inc. expects to end its shareholder rights plan no later than mid-June.
A shareholder rights plan, or “poison pill,” is often adopted by a business as a way to try to ward off hostile takeover attempts.
Recommended Stories
The real estate investment trust, which owns and provides asset management of high-end hotels and resorts, initially adopted the plan amid weak economic conditions in 2008 and hard times for the lodging sector.
On Monday the Chicago company said that it plans to speed up the expiration date from Nov. 30 to as soon as possible, but no later than June 14.
Strategic Hotels & Resorts also said that its board amended its corporate guidance guidelines so that if it were to adopt a new shareholder rights plan in the future it would have to submit the plan for shareholder approval within 12 months of its adoption.
The company’s stock added 11 cents to $8.23 in morning trading Monday. They are near the high end of their 52-week range of $5.44 to $8.55.
