Announced
Financials
Tags
Public
Single Bidder
United States
Acquisition
hotel operator
Friendly
Real Estate Holding and Development
hotel management
Pending
Private Equity
Synopsis
LaSalle Hotel Properties today announced that it has entered into a definitive agreement with affiliates of Blackstone Real Estate Partners VIII, under which Blackstone, a leading global asset manager, 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. The transaction, which has been unanimously approved by LaSalle's Board of Trustees, represents a premium of approximately 35 percent over LaSalle's unaffected share price of $24.84 as of March 27, 2018, the day before the public announcement of a proposal to acquire the Company in an all-stock transaction. The purchase price also represents a premium of approximately 13 percent to LaSalle’s consensus net asset value of $29.64 per share per FactSet as of May 18, 2018.
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