Gaylord Entertainment rejects TRT Holdings' bid to increase ownership, obtain board representation

By Lisa Kerner

Charlotte, N.C., Dec. 2 - Gaylord Entertainment Co.'s board of directors rejected TRT Holdings, Inc.'s proposal to up its stake in Gaylord to as much as 30%.

TRT, owner of Gaylord competitor Omni Hotels, proposed replacing three current members of Gaylord's board with TRT's designees, a Gaylord news release said.

The Nashville entertainment company's board believes that accepting TRT's proposals would give TRT effective control over Gaylord's long-term corporate strategy "without a full and fair price being paid to all Gaylord shareholders."

"Gaylord Entertainment Co. has a very compelling strategy focused on fulfilling the needs of meeting planners, and we are committed to growing long-term value for all of our shareholders," Gaylord chairman and chief executive officer Colin V. Reed said in the release.

"We are also committed to maintaining a constructive dialogue with all our shareholders about this strategy," Reed added.

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