Morgans Will Consider Sale As Proxy Fight Heats Up

Law360, New York (June 4, 2013, 2:25 PM EDT) -- Morgans Hotel Group Co. said Tuesday that its board, if re-elected, would explore a sale of the company, rolling out a last-minute effort to fend off an investor seeking to replace its board at a shareholder meeting set for next week.

The struggling hotel operator says it recently received five unsolicited takeover bids and is open to considering them if its nominees survive a board vote on June 14.

The announcement reframes the key question before shareholders about whether the company needs a new strategy for...
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