Red Lion Hotels Corporation announced that its board of directors has authorized Bank of America Merrill Lynch to explore strategic alternatives to maximize shareholder value, including a potential sale of the company or a strategic combination with a third party. The board has formed a Strategic Alternatives Committee comprising independent directors Ryland P. (Skip) Davis, Melvin L. Keating and Ronald Taylor. This Committee will work with Bank of America Merrill Lynch in its review. "The Red Lion Hotels board of directors and management team are committed to maximizing shareholder value," said Jon E. Eliassen, President and Chief Executive Officer of Red Lion Hotels Corporation. "We have been working with Bank of America Merrill Lynch since mid-February, and authorizing the exploration of strategic alternatives, including a potential sale of the company, demonstrates our commitment to achieving this important objective. Our board and management team are open minded about the process and intend to evaluate all options thoughtfully and carefully."
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