LaSalle To Engage In Discussions With Pebblebrook - Quick Facts

(RTTNews) - LaSalle Hotel Properties (LHO) announced its Board of Trustees has determined that the unsolicited, non-binding proposal received from Pebblebrook Hotel Trust (PEB) could reasonably be expected to lead to a Superior Proposal as defined in LaSalle's merger agreement with affiliates of Blackstone. LaSalle noted that the determination by the Board allows the company to engage in discussions with Pebblebrook in accordance with the terms of the Blackstone Merger Agreement.

Under the terms of the Pebblebrook Proposal, Pebblebrook would acquire LaSalle in a transaction with consideration of 0.92 common shares of Pebblebrook per common share of LaSalle, with the option for LaSalle shareholders to elect to receive a fixed amount of $37.80 per share in cash up to a maximum of 30% in aggregate of the consideration, subject to pro ration.

LaSalle noted that the special meeting of shareholders to vote on the Blackstone Merger Agreement remains scheduled for September 6, 2018.