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Morgans Hotel Group Confirms Unsolicited Proposal from The Yucaipa Companies

NEW YORK--(BUSINESS WIRE)--Morgans Hotel Group Co. (NASDAQ:MHGC) ("Morgans Hotel Group" or the "Company") today confirmed that it has received a letter from The Yucaipa Companies, LLC, (“Yucaipa”) containing an unsolicited and conditional proposal to acquire Morgans Hotel Group for $8.00 per share.