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Pebblebrook sweetens LHO offer with cash component, more shares

May 21, 2018 10:03 AM ETPebblebrook Hotel Trust (PEB) StockBy: Liz Kiesche, SA News Editor17 Comments
  • 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)

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