While Morgans Hotel Group is still in court with its majority shareholders OTK Associates LLC, it has rejected two bids from the same group for its outstanding common stocks due to being too low.
It seems that OTK Associates has gotten through to Morgans Hotel Group. OTK, majority shareholder, was previously in dispute with the company over OTK's assertion that it was mishandling resources.Perhaps due to a new financial prudence brought about by OTK Associates' dispute, Morgans has recently rejected two bids from the same group for being "not sufficiently attractive". The bids came from an unnamed international hotel group for Morgans' outstanding common stock at 7.50 USD per share.
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