Accor Announces Termination of Hart-Scott-Rodino Waiting Period On Tender Offer for All of the Outstanding Shares of Red Roof Inns, Inc.NEW YORK--(BUSINESS WIRE)--Aug. 3, 1999-- Accor S.A. announced today that early termination of the waiting period under the pre-merger notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. of 1976 applicable to Accor's tender offer for the common stock of Red Roof Inns, Inc. (NYSE NYSE See: New York Stock Exchange : RRI RRI Radio Romania International RRI Raman Research Institute RRI Resource Renewal Institute RRI Robarts Research Institute RRI Research Reactor Institute RRI Renal Research Institute (USA) RRI Rights and Resources Initiative ) was granted on July 30, 1999. As previously announced, Accor and Red Roof Inns signed a merger agreement on July 10, 1999, pursuant to which on July 16, 1999, Accor commenced a tender offer to purchase all of the outstanding shares of common stock of Red Roof Inns for $22.75 per share, net to the seller in cash (subject to the applicable withholding of taxes). The principal stockholders, The Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Real Estate Fund and related entities
have already tendered to Accor their 18.4 million shares of Red Roof
Inns, representing approximately 68.3% of the outstanding shares of Red
Roof Inns. The tender offer is scheduled to expire at midnight, New York
City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, on Thursday, August 12, 1999, unless extended, and is subject to a number of conditions. Red Roof Inns enjoys high customer awareness and an outstanding brand image in the economy lodging market with a network of 322 hotels (37,005 rooms, of which 29,907 are owned and the remainder franchised) primarily located in the Midwest, the East and in the South. Through Motel 6, Accor is already a leader in the U.S. budget and economy lodging sector. In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Accor also operates through its upscale Novotel chain and growing luxury Sofitel chain, in business travel through its 50% interest in Carlson Wagonlit Carlson Travel Network Carlson Travel Network can trace its origin back to a travel agency that was founded by Ward Forster in the United States in 1888 and named Ask Mr. Foster. Travel and in corporate services through Child Care. Accor, a leader worldwide in travel, tourism and business services, is active in 140 countries with 130,000 associates, through its four major complementary activities: hotels (3,084 hotels with 340,782 rooms after the addition of Red Roof Inns); travel agencies through Carlson Wagonlit Travel; car rental with Europcar and corporate services with Accor Corporate Services. |
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