LaSalle Hotel Properties (LHO) approached by Pebblebrook Hotel Trust (PEB)

  • March 28, 2018

POTENTIAL DEAL DETAILS

StockLaSalle Hotel PropertiesSymbolLHO
Date Announced03/28/2018Source Press Release
TypeUnsolicited BidAcquiring Company/Person Pebblebrook Hotel Trust
Date of Confirmation: 09/06/2018Price at Confirmation: $34.63
Potential Profit: 23.90%Annualized Profit: 53.85%

Pebblebrook Hotel Trust (PEB) today released two letters, dated March 6, 2018 and March 20, 2018, to LaSalle Hotel Properties (LHO) in which Pebblebrook proposed a share-for-share merger.

Update(s):

March 28, 2018: LaSalle Hotel Properties (LHO) today confirmed that its Board of Trustees unanimously rejected an unsolicited proposal received on March 6, 2018 from Pebblebrook Hotel Trust (PEB) to acquire all outstanding shares of LaSalle in an all-stock transaction with consideration of 0.8655 common shares of Pebblebrook per common share of LaSalle.

April 16, 2018: Pebblebrook Hotel Trust (PEB) today released a letter dated April 13, 2018 to the Board of Trustees of LaSalle Hotel Properties (LHO) in which Pebblebrook provided a revised merger proposal.

April 24, 2018: Pebblebrook Hotel Trust (PEB)  today released a letter dated April 20, 2018 to the Board of Trustees of LaSalle Hotel Properties (LHO) in which Pebblebrook provided a final merger proposal.

May 21, 2018: LaSalle Hotel Properties (LHO) today announced that it has entered into a definitive agreement with affiliates of Blackstone Real Estate Partners VIII, under which Blackstone, a leading global asset manager, will acquire all outstanding common shares of beneficial interest of LaSalle for $33.50 per share in an all-cash transaction valued at $4.8 billion.

May 21, 2018: Pebblebrook (PEB) is proposing to merge with LaSalle (LHO) at a fixed exchange ratio of 0.9200 Pebblebrook (PEB) common share for each LaSalle (LHO) common share, with the option for LaSalle shareholders to elect to receive cash up to a maximum of 20% in the aggregate.

September 06, 2018: Pebblebrook Hotel Trust (PEB) and LaSalle Hotel Properties (LHO) today jointly announced that they have entered into a definitive merger agreement under which Pebblebrook (PEB)  will acquire 100% of LaSalle’s (LHO) outstanding common shares.

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