Gaylord Entertainment's (GET) Board Rejects Proposals From TRT Holdings
Gaylord Entertainment's (NYSE: GET) Board of Directors has rejected a set of proposals made by TRT Holdings, Inc. ("TRT"), owner of Omni Hotels, to increase through open market purchases TRT's ownership stake in Gaylord to up to 30 percent of the outstanding common stock and replace three current members of the Company's Board of Directors with TRT's designees.
TRT's proposals included the following elements:
-- TRT proposed that the Company's Board of Directors amend its shareholders rights plan to increase the triggering percentage from 15 %to 30 percent;
-- TRT proposed that the Company's Board of Directors approve its increase in ownership percentage above 15% to eliminate the protections provided by Section 203 of the Delaware General Corporation Law; and
- TRT proposed that the Company would replace three members of its Board of Directors with three designees of TRT, while maintaining the same size Board of Directors.
The Board of Directors unanimously determined that the proposals made by TRT contain no discernible economic or strategic advantage to the Company and are not in the best interests of all Gaylord's shareholders.
Gaylord Entertainment (NYSE: GET), a leading hospitality and entertainment company based in Nashville, Tenn., owns and operates Gaylord Hotels (www.gaylordhotels.com), its network of upscale, meetings-focused resorts, and the Grand Ole Opry (www.opry.com).[SM]
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