Since May, SBE has been pursuing the acquisition of Morgans Hotel Group, but a mystery bidder could put a wrench in its plans. A party identified as “Bidder V” has offered to acquire the hotel group for $2.75 per share—higher than SBE’s $2.25 per share. Despite the unexpected bid, Morgans says it has not changed its recommendation in favor of the SBE merger. A stockholder meeting will be held on Sept. 26 to consider Bidder V’s disclousures, which included a letter supporting its interest in acquiring the company. Read more here.
