LaSalle Hotel Properties recently confirmed that it received a letter from Pebblebrook Hotel Trust on July 20, 2018 reconfirming its previously revealed proposal to acquire LaSalle in a transaction with consideration of 0.92 common shares of Pebblebrook per common share of LaSalle, with the option for LaSalle shareholders to elect to receive cash up to a maximum of 20% in aggregate of the consideration, subject to pro ration.
On May 21, 2018, LaSalle entered into a definitive agreement with affiliates of Blackstone Real Estate Partners VIII, under which Blackstone will acquire all outstanding common shares of beneficial interest of LaSalle for $33.50 per share in an all-cash transaction valued at $4.8 billion.
Although LaSalle’s Board of Trustees previously determined that the Pebblebrook proposal did not constitute, and could not reasonably be expected to lead to, a “Superior Proposal” as defined in the Blackstone Merger Agreement, the Board will carefully review Pebblebrook’s letter to determine the course of action that it believes is in the best interest of the Company’s shareholders. The Board has not changed its recommendation of the existing transaction with Blackstone and expects to respond to Pebblebrook’s letter in due course.
Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC are acting as financial advisors to LaSalle and Goodwin Procter LLP and DLA Piper LLP (US) are acting as legal counsel.
Check back for any and all updates relating to this proposed merger. And to read The REIT Wire’s full coverage of the ongoing discussions of the deal, click the below articles.