Red Lion Hotels receives takeover offer; shares jump 22%

Red Lion Hotels Corporation (NYSE:RLH) on Monday received an unsolicited takeover offer from Columbia Pacific Opportunity Fund Co., pushing shares of Red Lion Hotels up more than 22%. Columbia Pacific is offering $9.50 per share in cash for the
Spokane, Wash.-based Red Lion Hotels. On Monday, the hotel chain was trading at $8.62, up about 22.3% from Friday’s close of $7.05. Red Lion Hotels owns and operates 53 hotels in the U.S. and Canada.

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