BETHESDA, MD–Pebblebrook Hotel Trust has revised its original offer to acquire LaSalle Hotel Properties on Friday, according to announcements from the two REITs earlier this morning.
The revised unsolicited proposal is based on 0.8944 common shares of Pebblebrook per common share of LaSalle, with the option for LaSalle shareholders to elect to receive cash up to a maximum of 15% in aggregate of the consideration, subject to proration.
The new bid is 5.8% over what it offered at the end of March — an offer that LaSalle rejected as “insufficient from both a price and mix of consideration perspective.” The new offer implies a share price of $31.75; Pebblebrook's earlier offer had clocked in at $29.95 per share.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
