Park Hotels to acquire Chesapeake Lodging in $2.7 billion cash-and-stock deal [MarketWatch]
CHESAPEAKE LODGING TRUST (CHSP)
Last chesapeake lodging trust earnings: 8/1 07:30 am
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Source: MarketWatch
Park Hotels to acquire Chesapeake Lodging in $2.7 billion cash-and-stock deal Park Hotels & Resorts Inc. PK, +1.35% said Monday it has entered an agreement to acquire Chesapeake Lodging Trust CHSP, +1.70% in a cash-and-stock deal valued at about $2.7 billion. The combined company will have an estimated enterprise value of $12 billion and be second biggest lodging REIT, the company said in a statement. Under the terms of the deal, Chesapeake shareholders will receive $11 in cash and 0.628 of Park share for each Chesapeake share owned. The exchange ratio is equal to $31 per Chesapeake share, and offers an 11% premium over the stock's trailing 10-day volume weighted average price and 8% over its closing stock price May 3. The deal is expected to close in late third quarter or early fourth quarter. Park is planning to sell five non-core hotels before closing. Neither stock was active premarket. Park has gained 12.5% in the last 12 months, while the S&P 500 SPX, +0.96% has gained
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