UPDATE 2-Pebblebrook ready to discuss buyout offer pricing for LaSalle Hotel [Reuters (UK)]
Pebblebrook Hotel Trust Common Shares of Beneficial Interest (PEB)
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Source: Reuters
Pebblebrook ready to discuss buyout offer pricing for LaSalle Hotel | Reuters 3 Min Read (Reuters) - Pebblebrook Hotel Trust ( PEB.N ) said on Wednesday it was ready to discuss the pricing of its all-stock offer with fellow U.S. hotel owner LaSalle Hotel Properties Inc ( LHO.N ), which rejected the bid, saying it undervalues the company. Earlier this month, Pebblebrook offered 0.8655 of its common shares for each of LaSalle’s share, implying an offer price of $29.95 per share. The offer represented a premium of 17.4 percent to LaSalle’s trailing 10-day volume weighted average price as of Tuesday, Pebblebrook said. It valued LaSalle at more than $3 billion. “The proposal reflects neither the value inherent in the company’s portfolio nor its potential for future value creation,” LaSalle said. LaSalle’s latest statement comes a week after the company wrote to Pebblebrook saying the offer was not in the best interest of its shareholders. On Wednesday, LaSalle said the offer was made d
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