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S&P: John Q. Hammons Hotels still on watch developing
Standard & Poor's said the ratings on John Q. Hammons Hotels LP, including the B corporate credit rating, remain on CreditWatch developing, where they were placed on Oct. 18 following the company's announcement it was in negotiation to be acquired by Barcelo Crestline Corp.
On Feb. 1, S&P said JQH Inc. announced the expiration of its prior agreement to negotiate exclusively with Barcelo Crestline through Jan. 31 with regard to a possible merger transaction. In addition, Barcelo Crestline announced the withdrawal of its previous offer.
JQH Inc.'s board of directors, however, reaffirmed the authority of the special committee previously formed by the board to negotiate with Barcelo Crestline and to consider other viable alternatives.
As a result, S&P said it expects that the company will continue to seek strategic alternatives.
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