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Yucaipa offers to buy Morgans Hotel for $8.00 per share

Yucaipa disclosed that on October 31, it sent a letter to the board of directors of Morgan Hotel expressing a desire to make a proposal to the board to purchase the company for $8.00 per share. Yucaipa also encouraged the company to seek other bids in order to ascertain if a higher price can be obtained. Yucaipa's stake in Morgans Hotel was reported to be 27.4%.