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RLJ

RLJ Lodging Trust

$20.31

0.64 (3.25%)

10:36
07/17/17
07/17
10:36
07/17/17
10:36

RLJ Lodging discloses prior receipt of downwardly-revised $24/share offer

In a regulatory filing related to RLJ Lodging Trust's (RLJ) previously announced merger agreement under which FelCor Lodging Trust (FCH) will merge with RLJ in an all-stock transaction, RLJ disclosed that on June 23, the company received a third unsolicited, nonbinding proposal from "Party Y," this time to acquire all of the capital stock of RLJ at a price of $25.50 per RLJ Common Share in an all-cash transaction. On June 26 and again on June 27, the RLJ Board met to discuss the third proposal received from Party Y. In the course of these meetings, the RLJ Board thoroughly reviewed and discussed the proposal, with input from its legal and financial advisors. After due deliberation, on June 27, the RLJ Board determined that the proposal could reasonably be expected to lead to a "Superior Proposal" and authorized management to commence discussions and negotiations with Party Y regarding the potential transaction described in the June 23 letter. On June 29, RLJ and Party Y entered into a confidentiality agreement, and thereafter Party Y commenced business and legal diligence. On July 6, Party Y submitted a revised nonbinding offer to acquire all of the capital stock of RLJ at a price of $24.00 per RLJ common share, the filing states.

RLJ RLJ Lodging Trust
$20.31

0.64 (3.25%)

08/08/16
BARD
08/08/16
DOWNGRADE
BARD
Neutral
RLJ Lodging Trust downgraded to Neutral from Outperform at Baird
09/26/16
JANY
09/26/16
INITIATION
Target $24
JANY
Buy
RLJ Lodging Trust initiated with a Buy at Janney Capital
Janney Capital analyst Tyler Batory initiated RLJ Lodging Trust with a Buy and a $24 price target. The analyst likes the company's exposure to exposure to select-service hotels, which typically achieve consistent cash flows and higher margins than full service hotels.
12/14/16
NOMU
12/14/16
INITIATION
Target $28
NOMU
Buy
RLJ Lodging Trust initiated with a Buy at Nomura
Nomura analyst Brian Dobson initiated RLJ Lodging Trust with a Buy and a $28 price target saying the company should benefit from GDP and corporate profit growth, which will drive RevPAR growth.
04/12/17
BOSC
04/12/17
INITIATION
Target $21
BOSC
Underperform
RLJ Lodging Trust initiated with an Underperform at Boenning & Scattergood
Boenning & Scattergood analyst Floris van Dijkum initiated RLJ Lodging Trust with an Underperform and a $21 price target due to its relative 4.2% NAV premium to the sector.

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