This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Strategic Hotels & Resorts, Inc. Amends Tender Offers To Decrease The Minimum Tender Condition To 3,237,752 Shares And Extends Offers

CHICAGO, Dec. 13, 2011 /PRNewswire/ -- Strategic Hotels & Resorts, Inc. (the "Company") (NYSE: BEE) today announced that it has decreased the minimum tender condition and extended the expiration date of its offers to purchase up to 4,716,981 shares in the aggregate of its issued and outstanding (i) 8.25% Series C Cumulative Redeemable Preferred Stock, $0.01 par value per share (the "Series C Shares"), at a purchase price of $26.50 per share, (ii) 8.25% Series B Cumulative Redeemable Preferred Stock, $0.01 par value per share (the "Series B Shares"), at a purchase price of $26.50 per share and (iii) 8.50% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share, (the "Series A Shares" and, together with the Series C Shares and the Series B Shares, the "Preferred Shares"), at a purchase price of $26.70 per share, in each case, net to the seller in cash, less any applicable withholding taxes and without interest or accrued and unpaid dividends (collectively, the "Offers").

The Offers were conditioned upon the tender of at least 3,773,585 Preferred Shares being validly tendered and not properly withdrawn pursuant to the Offers (the "Minimum Tender Condition").  The Company has reduced the Minimum Tender Condition so that the Offers are now conditioned upon, among other things, at least 3,237,752 Preferred Shares being validly tendered and not properly withdrawn pursuant to the Offers (the "Revised Minimum Tender Condition").  In addition, the Offers, which were set to expire on December 12, 2011 at 5:00 p.m., New York City time, have now been extended and will expire at 5:00 p.m., New York City time, on Monday, December 19, 2011 (the "Expiration Date"), unless further extended or earlier terminated. 

As of the close of business on December 12, 2011, approximately 1,761,428 Series C Shares, 1,047,435 Series B Shares and 428,889 Series A Shares, or a total of 3,237,752 Preferred Shares, had been tendered and not withdrawn.  The Company has offered to purchase up to 4,716,981 Preferred Shares.  Shareholders may tender additional Preferred Shares up until the Expiration Date.  Assuming all the conditions of the Offers are satisfied on the Expiration Date, the Company expects the settlement date for the Offers to be December 22, 2011.

Except for the decrease in the Minimum Tender Condition and the extension of the expiration date of the Offers, the Offers remain subject to all other terms and conditions set forth in the Offer to Purchase dated November 7, 2011 (the "Offer to Purchase").

The Company does not plan to amend the Revised Minimum Tender Condition or further extend the Offers.  Under the terms of the Offers, in the event that the conditions to the Offers, including the Revised Minimum Tender Condition, are not satisfied, the Offers will be terminated and the Company's contingent dividend declaration for the Preferred Shares will no longer be valid.  As disclosed in the Offer to Purchase, holders of Preferred Shares may tender a portion or all of the Preferred Shares they hold.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 0.00%
FB $117.81 0.00%
GOOG $701.43 0.00%
TSLA $211.53 0.00%
YHOO $36.94 0.00%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs