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Morgans Hotel shareholders OK proposed merger with SBE

Morgans HotelGroup Co.'s shareholders voted to approve the company's proposedmerger with SBE.

The deal, which calls for SBE to acquire Morgans for $2.25per share in cash, was approved at a Sept. 26 special shareholder meeting.Votes cast in favor of the transaction totaled 24,715,378, compared to 450,944votes against it and 4,158 abstaining.

Despite financing uncertainty surrounding the SBE bid and multiple rivalproposals, Morgans opted to proceed with the meeting after determining that none ofthe third-party bids or communications it had received offered grounds for itto delay the meeting.