The board of trustees at LaSalle Hotel Properties recommended in an investor presentation filed with the SEC that its shareholders vote ahead of a September meeting to approve a merger with Blackstone.
BETHESDA, Md.—August 6, 2018—LaSalle Hotel Properties (NYSE: LHO) (“LaSalle” or the “Company”) today announced that it has filed an investor presentation with the Securities and Exchange Commission (the “SEC”) in connection with the previously announced merger with affiliates of Blackstone Real Estate Partners VIII (“Blackstone”) and the other transactions contemplated by LaSalle’s merger agreement with Blackstone (the “Blackstone Merger Agreement”). The investor presentation is available on the Investor Relations section of the Company’s website at http://ir.lasallehotels.com/ as well as on www.sec.gov.
The presentation highlights that the Blackstone transaction maximizes both value and certainty for LaSalle shareholders. Among other things, the presentation notes:
- The significant premium and certainty of the all-cash transaction with Blackstone. The transaction represents a premium of approximately 35 percent over LaSalle’s unaffected share price, a premium of approximately 13 percent to LaSalle’s consensus net asset value as of May 18, 2018 and protection from the downside risks inherent in a stock transaction. LaSalle shareholders will receive $33.50 per share in cash in September 2018 upon completion of the Blackstone transaction, which is expected within one week of the Blackstone transaction being approved by shareholders at LaSalle’s Special Meeting of Shareholders (the “Special Meeting”).
- LaSalle’s Board of Trustees conducted a thorough process that produced strong competitive dynamics, maintained a level playing field and maximized value. During April 2018, the Company and its advisors contacted 20 potential buyers, including Blackstone and Pebblebrook Hotel Trust (“Pebblebrook”). The Board engaged with all interested parties and conducted extensive negotiations over price, consideration and terms. After careful consideration, the LaSalle Board unanimously determined that the Blackstone transaction represents a compelling opportunity for LaSalle shareholders.
- The facts regarding Pebblebrook’s rejected proposals and LaSalle’s thorough sale process. LaSalle sets the record straight.
The LaSalle Board unanimously recommends that LaSalle shareholders vote the WHITE proxy card “FOR” the proposal to approve the merger and the other transactions contemplated by the Blackstone Merger Agreement prior to the Special Meeting, which will be held on September 6, 2018 at the Sofitel Washington DC Lafayette Square, 806 15th Street NW, Washington DC 20005 at 10:00 a.m., local time. All LaSalle shareholders of record as of the close of business on July 20, 2018 will be entitled to vote their shares. The Blackstone transaction is the only transaction on which LaSalle shareholders are voting.
We urge you to discard any gold proxy cards and disregard any related solicitation materials sent to you by Pebblebrook, which is soliciting proxies from our shareholders against approving the merger and the other transactions contemplated by the Blackstone Merger Agreement. Irrespective of whether you previously submitted a gold proxy card pertaining to the proposals contained in LaSalle’s definitive proxy statement (the “Proxy Statement”), we urge you to cast your vote on your WHITE proxy card “FOR” the proposal to approve the merger and the other transactions contemplated by the Blackstone Merger Agreement.
Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC are acting as financial advisors to LaSalle and Goodwin Procter LLP and DLA Piper LLP (US) are acting as legal counsel.
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 firstname.lastname@example.org.