Yucaipa Makes $265M Bid For Morgans Hotel Group

Law360, New York (November 4, 2013, 1:53 PM EST) -- On the heels of a contentious courtroom battle and a bitter proxy fight, billionaire Ron Burkle's private equity firm The Yucaipa Cos. LLC on Friday made an unsolicited $265 million bid to take control of the Morgans Hotel Group Co.

The $8 per share offer for the companies' approximately 33.13 million shares outstanding comes just weeks after two Yucaipa funds sued Morgans for not allowing an observer at board meetings, as had been allegedly agreed to in an earlier deal. The bid also comes after a...
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