Thu, Aug. 4, 3:21 PM
- Speaking on the conference call after a sizable earnings miss, Ashford Prime (AHP +6.3%) CEO Monty Bennett says a deal at a net price (after a $70M fee to AINC) of $20.58 per share (the latest bid from The Weisman Group) or higher would be a great result for the shareholders.
- He notes, however, that Weisman refuses to sign an NDA even though other suitors have done so.
Mon, Jun. 27, 4:26 PM
- While the board is willing to consider a sale, the $1.4B, or $20.20 per share offer from The Weisman Group isn't going to cut it, says Ashford Prime (AHP -1.4%) CEO Monty Bennett.
- He notes the offer is a gross price from which the $70M management termination fee to Ashford Inc. (NYSEMKT:AINC) must be paid, but Bennett and team continue to believe that fee could be materially higher.
- AHP closed today at $14.32.
Mon, Jun. 13, 7:14 AM
- All of the company's director nominees received a plurality of votes at the annual meeting. However, "withheld" votes exceeded "for" votes for each member. In accordance with company policy, each submitted their resignation, but all resignations were rejected.
- Lead director Curtis McWilliams says the board is fully aware of investor concerns and looks forward to addressing them soon.
- The special committee of the board has given the green light for AHP's financial advisors to connect with The Weisman Group to review its $20.25 per share buyout proposal.
- Source: Press Release
Wed, Jun. 8, 10:19 AM
- Confirming receipt of an unsolicited proposal to buy the company from The Weisman Group - a real estate investment firm based out of Sherman Oaks, CA - Ashford Prime (AHP +35.3%) says it intends to carefully review the offer.
- To review, Ashford Prime was spun out of Ashford Trust (AHT +2.1%) just less than three years ago. The performance of the stock price since has been underwhelming (off about 50%).
- The company - after completing a strategic review earlier this year - now is engaged in a proxy fight with activist investor Sessa Capital.
- Previously: Ashford Prime takeover offer at near 100% premium (June 8)
- The stock just came off trading halt, and is now up 35% to $15.30 per share. Weisman's offer is for $20.25. External manager Ashford, Inc (AINC -1.6%).
Wed, Jun. 8, 10:02 AM| Wed, Jun. 8, 10:02 AM
Ashford Hospitality Prime, Inc. invests primarily in high RevPAR, luxury, upper-upscale and upscale hotels. The company's hotel properties include Hilton La Jolla Torrey Pines, Capital Hilton in Washington DC, Marriott Plano Legacy Town Center, Seattle Marriott Waterfront, Courtyard San... More
Industry: REIT - Hotel/Motel
Country: United States