THE board of The New York Stock Exchange-listed LaSalle Hotel Properties has rejected an acquisition offer from Pebblebrook Hotel Trust made on 11 Jun, opting instead to support a purchase agreement already made with Blackstone on 20 May.
In a statement LaSalle said Pebblebrook’s offer “does not constitute, and could not reasonably be expected to lead to, a ‘Superior Proposal’ as defined in LaSalle’s definitive agreement with affiliates of Blackstone Real Estate Partners”.
The move followed a review of both proposals in consultation with legal advisors.
Pebblebrook has responded to the decision by requesting the LaSalle board reconsider the offer as it believed it had broad shareholder support for the transaction and could provide greater value to the tune of approximately $375 million.
Source: traveldaily