Investor Group Presents Transaction Agreement to the Special Committee for Approval
03 Junho 2005 - 5:36PM
Business Wire
John Q. Hammons Hotels, Inc. (AMEX:JQH) today announced that the
special committee of the board of directors has received a letter
from JQH Acquisition, LLC requesting that the special committee
approve several agreements among JQH Acquisition, LLC, its
financing source and the Company's principal stockholder, Mr. John
Q. Hammons. The proposed agreements were described in concept in a
transaction agreement previously approved by the committee. JQH
Acquisition, LLC also reaffirmed its proposal to acquire all of the
outstanding Class A common stock of the Company at a cash purchase
price of $24.00 per share. By separate letter, Mr. Hammons advised
the special committee that, subject to the committee's approval, he
is prepared to enter into the proposed agreements with JQH
Acquisition, LLC and its financing source. The special committee
and its legal and financial advisors have received copies of the
proposed agreements, along with a draft merger agreement, and are
scheduled to meet on June 14, 2005, to respond to the request from
JQH Acquisition, LLC and to make a recommendation to the Company's
board of directors with respect to the proposed merger in which the
holders of the Company's Class A common stock would receive $24.00
per share. The board is scheduled to meet later that day. Mr.
Hammons and JQH Acquisition, LLC each has advised the committee
that they will not terminate the existing agreement between them on
or before June 14, 2005. About John Q. Hammons Hotels, Inc. John Q.
Hammons Hotels, Inc. is a leading independent owner and manager of
affordable upscale, full-service hotels located primarily in key
secondary markets. The Company owns 46 hotels located in 20 states,
containing 11,370 guest rooms or suites, and manages 14 additional
hotels located in seven states containing 3,158 guest rooms or
suites. The majority of these 60 hotels operate under the Embassy
Suites Hotels, Holiday Inn and Marriott trade names. Most of the
hotels are located near a state capitol, university, convention
center, corporate headquarters, office park or other stable demand
generator. Additional information is available at the Company's web
site: http://www.jqh.com.
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