Red Lion Hotels Corp. said Tuesday that it executed several confidentiality agreements with third parties, including one with Columbia Pacific Opportunity Fund LP, which has given it an unsolicited takeover bid, as it reviews strategic alternatives.
According to a June filing with the Securities and Exchange Commission, Columbia Pacific has offered to buy the hotel operator for $9.50 per share in cash.
Columbia Pacific began discussing a possible transaction with Red Lion in April, but the hotel company subsequently discontinued the talks, the filing said.
Red Lion said its board has not yet decided whether to pursue a transaction.
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