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Morgans Hotel details termination fee in SBE deal

Morgans Hotel GroupCo. and hospitality company SBE have agreed to certain termination rightswith respect to their proposed merger, including the company's right to terminatethe deal in favor of a "superior" third-party proposal.

The parties agreed that they may cancel the deal under certainconditions, subject to the terminating party paying the other a $6.5 million terminationfee. Similarly, either party may terminate the merger deal if it is not consummatedsix months after the merger transaction date or Nov. 9, subject to certain restrictionsand exceptions.

As disclosed earlier, Morgans agreed to be by SBE for $2.25 per share incash. The transaction is expected to close in the third or fourth quarter, pendingregulatory approvals and other conditions.