http://cnnfn.cnn.com/2001/04/23/europe/hotels/index.htm
Hilton bids for Scandic
UK hotelier offers $881bn for Scandic; Raffles to buy Swissotels for $307mn
April 23, 2001: 7:01 a.m. ET
LONDON (CNN) - Hilton, the UK hotelier, made an agreed bid for Scandic Hotels on Monday as Swissotel agreed to be bought by Singapore-based peer Raffles.
The British company, the operator of Hilton hotels outside the U.S., said it was offering 108 Swedish crowns ($10.70) and 1.1238 new Hilton shares for each Scandic share, valuing the firm at £612 million ($881 million).
The offer values each Scandic share at 144 crowns, a 30.9 percent premium to Friday's close. Scandic's board of directors recommended shareholders accept the offer.
Can anyone shed any light on the relationship between Hilton UK and Hilton US? I understand that during the corporate raider 80's, Hilton UK was somehow spun off from the Hilton firm. That is why for a while, Hilton US could only operate internationally under the Conrad name.
Are Hilton US and Hilton UK now somehow related under common ownership again or do they just have joint marketing/HHonors programs etc.?
Thanks