Hilton Hotels Corporation (NYSE:HLT) announced that at a special meeting held yesterday, its stockholders approved the merger agreement with investment funds affiliated with The Blackstone Group L.P. Over 98% of the shares that voted were cast in favor of the merger.
Subject to the satisfaction or waiver of all required regulatory approvals and other closing conditions, Hilton expects the transaction to be completed by the end of October 2007. All required regulatory approvals have been obtained other than the receipt of clearance from the European Commission under the EC Merger Regulation. A notification was filed with the European Commission under the EC Merger Regulation on September 14, 2007.
Following the closing of the merger, Hilton's stockholders will receive $47.50 in cash, without interest, for each share of Hilton common stock held.
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