Let's hope so! What price do people think they can get?
Orange Capital is pleased that Strategic Hotels agreed to accelerate the termination of the Company's shareholder rights plan to no later than June 14, 2013. The shareholder rights plan was one of the governance concerns we highlighted in our public statement dated February 28th, 2013.
Unfortunately, Strategic Hotel's revised Corporate Guidance Guidelines contemplate that a shareholder rights plan could be re-instated without requiring a shareholder vote for up to twelve months. We note that the option to re-instate the poison pill could undermine any possible sale process.
Orange Capital believes Strategic Hotels' credibility gap with the investor community remains, as does the stock's discount to its intrinsic value. The Company still has numerous deficiencies in its business strategy and corporate governance,