Renaissance Reviewing Doubletree Bid

Renaissance Hotel Group said its board is reviewing the terms of Doubletree Corp.’s $850-million takeover bid. Hong Kong-based Renaissance said terms have not yet been approved by its board and that the company is continuing to negotiate a memorandum of understanding. Phoenix-based Doubletree said earlier this week that it had signed an agreement in principle to acquire Renaissance for $780 million in cash and stock and assume $70 million in debt. The transaction, if completed, would give Doubletree 146 Renaissance hotels, bringing the number of its hotels to 382. The deal would also give Doubletree a foreign presence, particularly in Asia. Doubletree shares closed at $43 on Nasdaq, down $2; Renaissance shares closed down 62.5 cents at $22.875 on the New York Stock Exchange.