Hilton Ends Talks to Buy Claridge

Hilton Hotels Corp. ended talks to buy closely held Claridge Hotel & Casino Corp., Claridge said. The Atlantic City, N.J.-based firm didn’t say why the talks ended. Claridge said in January that it was in talks to be acquired by Hilton, which owns about 40% of Claridge’s $85 million of outstanding first mortgage notes. In December, Hilton completed its $3-billion acquisition of Bally Entertainment Corp., which owned two casinos in the seaside gambling town. Hilton previously had no casinos in Atlantic City. In a separate development, Beverly Hills-based Hilton said it gained regulatory approval to operate casinos in Mississippi, anticipating that its $10.5-billion hostile bid for New York-based ITT Corp. will succeed. Hilton has similar applications pending in Nevada, New Jersey and other states. Hilton shares fell 37.5 cents to close at $25.625 on the NYSE. Hilton’s $55-a-share unsolicited bid includes cash, stock and assumed debt. It expires April 25.