LaSalle Board Rejects Proposal By Pebblebrook - Quick Facts

(RTTNews) - Pebblebrook Hotel Trust (PEB) reported that the Board of LaSalle Hotel Properties (LHO) has unanimously rejected the company's proposal. The Board determined that the proposal is insufficient from both a price and mix of consideration perspective and is therefore not in the best interests of LaSalle Hotel Properties shareholders. Pebblebrook said the company is prepared to engage in discussions around price and mix of consideration as warranted by due diligence.

Pebblebrook also released two letters, dated March 6, 2018 and March 20, 2018, to LaSalle Hotel Properties in which the company proposed a share-for-share merger. The proposal represented an implied merger price of $30.001 per LaSalle common share, based on the proposed fixed exchange ratio of 0.8655 Pebblebrook common shares for each LaSalle common share.

Jon Bortz, CEO of Pebblebrook Hotel Trust, said: "We believe the shareholders of both of our companies should know about this proposal, and it is our hope that LaSalle will decide to engage with us to reach a mutually beneficial agreement."