- Pebblebrook Hotel Trust (NYSE:PEB +1.2%) offers 0.92 PEB share for each LaSalle Hotel Properties (LHO +5.6%) share, with the option to get cash up to a maximum 20% of the total price. Based on PEB's closing price Friday, the per-share price rises about 45 cents to $35.89.
- The sweetened bid follows the news earlier today that LHO accepted an all-cash $33.50-a-share all offer from Blackstone (BX).
- PEB had previously offered 0.9085 share, valuing LHO shares at $35.44 each.
- “We continue to believe that our offer maximizes immediate and long-term value for LaSalle’s shareholders," says Jon Bortz, PEB's chairman, president, and CEO.
- Source: Press Release
- Previously: Blackstone to buy LaSalle Hotel for $4.8B (May 21)