Hilton Extends ITT Tender Offer

Hilton Hotels Corp. extended its $6.5-billion hostile bid for rival ITT Corp. to May 30, marking the third time Hilton has been forced to extend the offer in its now-simmering takeover attempt of ITT. Meanwhile, ITT said it would slash its New York headquarters staff to 75 from 200 as part of a strategy to raise shareholder value and improve profitability. Hilton also said it has filed an appeal of a U.S. District Court ruling this week that thwarted Hilton’s attempt to bring its proposed offer to a vote of ITT shareholders. Only 1.5 million of about 122.7 million outstanding ITT shares have been tendered, unchanged from Beverly Hills-based Hilton’s last extension March 28.