Billionaire Ron Burkle Urges Morgans Hotel Group to Sell Itself…Again - InvestingChannel

Billionaire Ron Burkle Urges Morgans Hotel Group to Sell Itself…Again

Billionaire Ron Burkle: In a recent SEC filing, Ronald W. Burkle, founder of the The Yucaipa Companies, disclosed a letter sent to the board of Morgans Hotel Group Co. (NASDAQ:MHGC) urging it to sell the company. “It is time to fulfill your fiduciary duties to the stockholders and engage in a sales process and to disclose to the stockholders promptly any inquiries or offers to purchase the company or any of its material assets,” the letter stated.

This isn’t the first time Burkle has asked Morgans to sell itself to a larger bidder; back in September, it wrote to Chairman Jason Kalisman: ““Stop playing with the company as though it’s your new toy […] get Morgans on the market.”

morgans hotel group

Yucaia Companies holds over 12.5 million shares of Morgans Hotel Group, with the stake representing 27.4% of the company.

Check out the full text of the letter sent by Burkle:

Burkle’s Letter To Morgans–October

And the one from earlier this year:

Burkle’s Letter To Morgans–August

Disclosure: none

Recommended Reading:

Meet Warren Buffett the Singer, Apple-Backer & Stock Market Bull

Which Phone Warren Buffett Used In 2008 Could Have Changed History…But Probably Not

Ridgeback Capital Follows Steven Cohen Into Arrowhead Research

Related posts

Carl Icahn Increases His Stake In Take-Two Interactive To 10.68%

ValueWalk

iPad Mini Display Outperformed By Kindle Fire HD & Nexus 7

ValueWalk

Foxconn Might Open Manufacturing Plants In The U.S. [REPORT]

ValueWalk

Peter Cundill Protégé Tim McElvaine on Investing in Japan [VIDEO]

ValueWalk

Set Bing Home Page Image As Lock Screen In Windows 8

ValueWalk

Morning Market News: JCP, APO, MCHP, ZIP, ENR, LGF, EA, ATVI, COV, LNT

ValueWalk