Spotlight: ITT Split-Up to Avert Hilton Takeover Faces Test
The New Jersey Casino Control Commission said it will rule today on ITT Corp.’s plan to split into three firms. ITT wants to spin off its Caesars World casinos and Sheraton hotels into a new company as part of a plan to thwart an $11.5-billion hostile takeover by Beverly Hills-based Hilton Hotels Corp. Hilton has asked gaming regulators to block the move. Shares of New York-based ITT rose 56 cents to close at $63.19 on the New York Stock Exchange.
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