Bass to Acquire Holiday Corp.: Bass PLC...
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Bass to Acquire Holiday Corp.: Bass PLC agreed to go through with its previously announced plan to acquire the Holiday Inn hotel system for about $1.98 billion. Holiday Corp. said its board approved the payment of a $30-per-share special dividend to be paid after the sale of the hotel system. The company had planned to pay a dividend of $35 per share but said current market conditions made that too costly. Bass has created a new unit, Promus Cos., which will own Holiday’s gaming operation and the Embassy Suites, Hampton Inn and Homewood Suites hotel brands.
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