Pebblebrook Welcomes ISS, Glass Lewis Recommendations For Acquisition Of LaSalle

(RTTNews) - Pebblebrook Hotel Trust (PEB) commented on the recommendations from proxy advisory firms Institutional Shareholder Services or "ISS" and Glass Lewis & Co. in support of Pebblebrook's proposed acquisition of LaSalle Hotel Properties (LHO).

"We are pleased that both ISS and Glass Lewis have recommended that shareholders vote for our proposed acquisition of LaSalle," said Jon Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust.

Pebblebrook Hotel said it continues to make progress towards the expected completion of the merger in the fourth quarter of 2018, and it encourages Pebblebrook and LaSalle shareholders to vote in favor of this transaction at their respective Special Meetings on November 27, 2018.

As previously announced on September 6, 2018, Pebblebrook and LaSalle entered into a definitive merger agreement pursuant to which Pebblebrook will acquire 100% of LaSalle's outstanding common shares. Under the terms of the merger agreement, for each LaSalle common share owned, each LaSalle shareholder may elect to receive either a fixed amount of $37.80 in cash or a fixed exchange ratio of 0.92 Pebblebrook common share. A maximum of 30% of the outstanding LaSalle common shares may elect to receive cash.

The transaction is expected to close on November 30, 2018, subject to customary closing conditions, including approval by LaSalle and Pebblebrook shareholders.