LaSalle Hotel Properties offered to buy LaSalle had earlier made - The key terms in the latest offer were substantially similar to a prior proposal submitted by Pebblebrook in May, which was previously evaluated by the Board alongside the Blackstone proposal submitted on the same date.
- Pebblebrook's proposal, which includes 80% stock consideration, continues to fail to address the significant price risks and uncertainties for LaSalle shareholders that had been previously communicated to Pebblebrook. Pebblebrook has repeatedly refused to agree to a pricing collar or similar type of pricing protection mechanism that would protect LaSalle shareholders against downside risks in the event of a decline in Pebblebrook's share price between the signing and closing of a transaction.
- The Blackstone merger agreement represents immediate and certain cash value, is in the best interest of shareholders and is expected to close as early as August 2018.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
