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Hilton Hotels Corp. said Tuesday it won’t raise its offer for ITT Corp., which has agreed to be bought by Starwood Lodging Trust for $13.3 billion.
Hilton will put its offer of $70 a share, or $11.5 billion, before ITT shareholders on the chance that Starwood’s stock might falter by the Nov. 12 annual meeting. On Monday, Starwood agreed to pay $82 a share for the owner of Sheraton hotels and Caesars casinos.
Some shareholders and analysts said Hilton doesn’t need ITT, pointing to a 74 percent jump in third-quarter earnings as it filled more hotel rooms and raised prices.
Starwood’s main advantage is a structure that, like most real estate investment trusts, allows it to shelter some income from corporate taxes.
