Spotlight: One Final Twist in Takeover Battle for ITT

Beverly Hills-based Hilton Hotels Corp. formally terminated its $9.3-billion offer for ITT Corp., but not before one final twist in the bitter takeover battle. For much of the day Starwood Lodging Trust saw its stock trade below the price protection level of $53.26 a share in its $10.2-billion winning bid, after it registered to offer $2 billion worth of securities. That prompted investor jitters. Starwood later said no new shares would be offered before the ITT deal closes. Its stock rose $1.94 to close at $56.13 on the NYSE.