UPDATE 2-Pebblebrook boosts offer for U.S. hotels owner LaSalle [Reuters (UK)]
Pebblebrook Hotel Trust Common Shares of Beneficial Interest (PEB)
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Source: Reuters
Pebblebrook boosts offer for U.S. hotels owner LaSalle | Reuters 3 Min Read (Reuters) - Pebblebrook Hotel Trust ( PEB.N ) has sweetened its $3 billion-plus offer to buy U.S. peer LaSalle Hotel Properties ( LHO.N ) after the owner of high-end locations including ‘W’ Los Angeles saw an initial bid rebuffed last month. Pebblebrook Chief Executive Officer Jon Bortz is seeking to buy back into LaSalle a decade after he left a company which he founded and headed while working for global real estate group Jones Lang LaSalle in the early 1990s. Bortz said the reaction from investors to the deal, which has driven Lasalle shares 20 percent higher since its announcement last month, had been “overwhelmingly” positive. The new offer is a 5.8 percent improvement over the previous deal and at 0.8944 of a Pebblebrook common share for each LaSalle share, implies an offer price of $31.75 per share. That values the deal at more than $3 billion. Pebblebrook’s previous offer was at an implied price of
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