Ashford Trust withdraws bid to acquire FelCor
 
Ashford Trust withdraws bid to acquire FelCor
03 MAY 2017 8:18 AM

In light of FelCor Lodging Trust’s merger agreement with RLJ Lodging Trust, Ashford Hospitality Trust is “abandoning its efforts to merge with FelCor” and is withdrawing its proposal for seven independent directors for FelCor’s Board of Directors.

DALLAS, May 3, 2017 -- Ashford Hospitality Trust (NYSE: AHT) ("Ashford Trust" or "the Company") today announced that given FelCor Lodging Trust Incorporated's (NYSE: FCH) ("FelCor") announced merger agreement with RLJ Lodging Trust (NYSE: RLJ) ("RLJ"), Ashford Trust is abandoning its efforts to merge with FelCor. Ashford Trust also announced that it is withdrawing its preliminary proxy statement and proposed slate of seven independent directors for election to FelCor's Board of Directors at FelCor's 2017 Annual Meeting of Stockholders.

While Ashford Trust continues to believe that its offer would have been more attractive to shareholders than the RLJ offer, the Company has determined that there is no cost-effective, actionable path forward toward an agreement and has withdrawn its non-binding proposal. The Company believes that it exercised significant strategic and financial discipline in seeking ways to maximize shareholder value. The Company plans to opportunistically liquidate its investment in FelCor stock over time.

The above is a news release written by a third party. While HNN’s editorial mission is to produce unique content, it occasionally publishes timely, newsworthy news releases to complement in-house reporting efforts. All news releases are clearly marked as such. For questions and clarification, please contact Editor-in-Chief Stephanie Ricca at sricca@hotelnewsnow.com.

No Comments

Comments that include blatant advertisements or links to products or company websites will be removed to avoid instances of spam. Also, comments that include profanity, lewdness, personal attacks, solicitations or advertising, or other similarly inappropriate or offensive comments or material will be removed from the site. You are fully responsible for the content you post. The opinions expressed in comments do not necessarily reflect the opinions of Hotel News Now or its parent company, STR and its affiliated companies. Please report any violations to our editorial staff.