In earlyJuly, Red Lion announced it had retained the investment-bankingfirm JMP Securities to assist the board of directors in evaluatingits options for maximizing shareholder value. The move followedquickly on the heels of an unsolicited, non-binding offer byColumbia Pacific Opportunity Fund LP to acquire the company for$9.50 per share ($173 million).

At the time, Red Lion's share price was in the $7 range, butbounced up above $8 on the news. The share price closed above $8 asrecently as Sept. 30. On Thursday afternoon, it was trading under$4 per share.

As part of the review, Red Lion says it entered intoconfidentiality agreements with several parties, including ColumbiaPacific, and gave those parties access to confidential companyinformation. Columbia Pacific, the only party it ever named, has"withdrawn its previous indication of interest in acquiring thecompany," the company said in an SEC filing announcing the closureof the review process.