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PEB

Pebblebrook Hotel

$38.88

-0.08 (-0.21%)

, LHO

LaSalle Hotel

$34.82

-0.14 (-0.40%)

07:06
07/10/18
07/10
07:06
07/10/18
07:06

Pebblebrook files proxy to urge LaSalle shareholders to vote against BRE merger

Pebblebrook Hotel (PEB) announced it has filed a preliminary proxy statement with the United States Securities and Exchange Commission, or SEC, to urge shareholders of LaSalle Hotel (LHO) to vote with Pebblebrook against LaSalle's merger agreement with BRE Landmark, an affiliate of Blackstone (BX) at a price of $33.50 per share. "The Board of Pebblebrook continues to believe that its offer is substantially superior to LaSalle's merger agreement with Blackstone and represents the greatest value-maximizing opportunity for the shareholders of both LaSalle and Pebblebrook," said Jon Bortz, chairman, president and CEO of Pebblebrook Hotel Trust. "The shareholders of LaSalle wholeheartedly agree with us as LaSalle's shares continue to trade at prices well above Blackstone's take-under price of $33.50. As presented in the LaSalle proxy, the LaSalle Board's only rationale for not accepting our offer as superior, despite our much higher offer price, was a concern over certainty. Pebblebrook strongly disagreed with the LaSalle Board's decision at the time, and given the trading prices and volume of LaSalle shares since the announcement of the Blackstone deal, it is even more clear today that Pebblebrook's offer is superior. The facts and circumstances have changed materially since the LaSalle Board decided to reject our higher offer: since the announcement of the Blackstone agreement, over 100 million LaSalle shares have traded, and all above $33.50. Over that same period, over 30 million LaSalle shares have traded over $35.00. The trading activity in LaSalle shares after the Blackstone announcement means that any shareholder who wanted certainty at $33.50 has had the opportunity to realize that value or more, an opportunity that continues today. Certainly protecting that price can no longer be justified as a rationale for rejecting our superior offer and moving forward with a transaction at a price well below the current market price of LaSalle shares. The Blackstone offer does not protect LaSalle shareholders - it harms them, a point underscored by the egregious transfer of incremental value from LaSalle shareholders to Blackstone seen in Blackstone's current marketing of LaSalle hotel assets to be sold contemporaneously with the close of their proposed transaction. We have made repeated efforts to engage with LaSalle, yet the LaSalle Board has continued to ignore overwhelming shareholder support for our proposal and is pursuing a course of action that shareholders oppose. We have therefore filed a preliminary proxy statement to solicit shareholders to vote against the Blackstone merger agreement. We believe LaSalle's Board should reconsider the agreement with Blackstone in accordance with its ongoing fiduciary duties and recognize their shareholders' clear preference for the immediate higher incremental value and future upside potential of Pebblebrook's current outstanding offer, and deem Pebblebrook's current offer 'Superior' today. If the LaSalle Board fails to meet its ongoing fiduciary duties and continues to recommend the lower Blackstone take-under agreement, and LaSalle proceeds to a proxy vote, then a vote with us 'AGAINST' the Blackstone agreement would send a clear message to the LaSalle Board that LaSalle shareholders prefer the Pebblebrook offer. The LaSalle proxy makes it clear that the LaSalle Board already determined the Pebblebrook offer to be superior to LaSalle remaining independent, and the value of Pebblebrook's offer has only increased and become more fixed since that determination. Accordingly, if the LaSalle shareholders do not approve the Blackstone agreement, it stands to reason that the LaSalle Board should agree to the Pebblebrook offer. The Pebblebrook offer allows LaSalle shareholders to realize far greater value today, and with Pebblebrook's track record of success as a public company and our extensive knowledge of LaSalle's assets and markets, we are positioned to provide shareholders of the combined company with significant long-term upside. We urge the LaSalle Board to engage with us immediately and enter into an agreement that is truly in the best interests of its shareholders. We believe a transaction can be completed within the next 90 to 120 days, with approval from both sets of shareholders." In its preliminary proxy statement filed, Pebblebrook urges LaSalle shareholders to vote with Pebblebrook "AGAINST" all three of the proposals relating to the Proposed BRE merger.

PEB

Pebblebrook Hotel

$38.88

-0.08 (-0.21%)

LHO

LaSalle Hotel

$34.82

-0.14 (-0.40%)

BX

Blackstone

$35.10

-0.44 (-1.24%)

  • 19

    Jul

  • 26

    Jul

PEB Pebblebrook Hotel
$38.88

-0.08 (-0.21%)

12/14/17
STFL
12/14/17
NO CHANGE
STFL
Stifel cautious on Lodging REITs in 2018 with cycle seen near end
Stifel analyst Simon Yarmak is recommending being underweight Lodging REITs in 2018 citing his belief the lodging cycle is reaching the end and that several major REIT markets face supply issues. While cautious on the sector, he identifies DiamondRock Hospitality (DRH) as his top pick for those who want to participate in the space.
03/29/18
BOSC
03/29/18
UPGRADE
BOSC
Neutral
LaSalle Hotel upgraded to Neutral from Underperform at Boenning & Scattergood
Boenning & Scattergood analyst Floris van Dijkum upgraded LaSalle Hotel (LHO) to Neutral following Pebblebrook Hotel's (PEB) bid for the company. The analyst expects a deal to be consummated eventually.
04/03/18
BARD
04/03/18
NO CHANGE
Target $30
BARD
Outperform
LaSalle Hotel math suggests more upside possible, says Baird
Baird analyst Michael Bellasario said his upgrade thesis on LaSalle Hotel (LHO) is unfolding despite its current less attractive risk/reward. He believes the recent unsolicited offer for the company from Pebblebrook Hotel Trust (PEB) will provide a floor for the share price, but other M&A catalysts could provide additional upside. Bellasario reiterated his Outperform rating and raised his price target to $30 from $28 on LaSalle Hotel shares.
05/11/18
RHCO
05/11/18
NO CHANGE
Target $32
RHCO
Hold
LaSalle Hotel price target raised to $32 from $24 at SunTrust
SunTrust analyst C. Patrick Scholes raised his price target on LaSalle Hotel to $32 after its Q1 earnings beat and also raised his FY18 EBITDA target to $306M from $295M. Scholes believes that there is now a 70% chance that the REIT is bought out by Pebblebrook (PEB) or another buyer given the "positive tone" around its quarter. The analyst keeps his Hold rating however given the valuation on LaSalle Hotel.
LHO LaSalle Hotel
$34.82

-0.14 (-0.40%)

05/18/18
BTIG
05/18/18
UPGRADE
Target $34.5
BTIG
Buy
LaSalle Hotel upgraded to Buy from Neutral at BTIG
BTIG analyst James Sullivan upgraded LaSalle Hotel to Buy from Neutral with a $34.50 price target following a better than Q1 report and raised guidance led by a rebound in demand from business and international demand segments.
05/21/18
LEHM
05/21/18
UPGRADE
LEHM
Equal Weight
LaSalle Hotel upgraded to Equal Weight from Underweight at Barclays
Barclays analyst Felicia Kantor Hendrix upgraded LaSalle Hotel (LHO) to Equal Weight from Underweight following the company's announcement that it has agreed to be acquired by Blackstone (BX).
05/22/18
BARD
05/22/18
DOWNGRADE
Target $34
BARD
Neutral
LaSalle Hotel downgraded to Neutral from Outperform at Baird
Baird analyst Michael Bellisario downgraded LaSalle Hotel (LHO) to Neutral following its buyout offer from Blackstone (BX). The agreement puts the shares at full valuation and essentially matches his buyout math. As a result, he believes a higher bid is unlikely. Bellisario raised his price target to $34 from $32 on LaSalle Hotel shares.
BX Blackstone
$35.10

-0.44 (-1.24%)

06/08/18
BUCK
06/08/18
NO CHANGE
Target $46
BUCK
Buy
Aspen Insurance exit value $48-$50 per share, says Buckingham
Buckingham analyst Amit Kumar says a 1.25 to 1.3 times multiple on Aspen Insurance's (AHL) current book value gives an exit value of $48-$50 per share. Insurance Insider published a story yesterday that noted the potential finalists in the Aspen bidding process are Blackstone (BX) and Apollo (APO), Kumar tells investors in a research note. He continues to be a buyer of the stock with a Buy rating and $46 price target.
07/10/18
MUFG
07/10/18
DOWNGRADE
Target $27.5
MUFG
Neutral
Gramercy Property Trust downgraded to Neutral from Overweight at MUFG
MUFG analyst Karin Ford downgraded Gramercy Property Trust (GPT) to Neutral with an unchanged price target of $27.50 citing the company's agreement to be acquired by Blackstone (BX).

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SYRS

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$28.54

-0.24 (-0.83%)

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SVXY

ProShares Short VIX Short-Term Futures

$13.79

0.08 (0.58%)

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$19.31

-0.28 (-1.43%)

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Venator Materials

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XERS

Xeris Pharmaceuticals

$18.26

-0.18 (-0.98%)

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INST

Instructure

$44.93

-0.225 (-0.50%)

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BAC

Bank of America

$28.54

-0.24 (-0.83%)

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USO

United States Oil Fund

$14.47

0.085 (0.59%)

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IIIV

i3 Verticals

$16.73

-0.025 (-0.15%)

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KRYS

Krystal Biotech

$17.14

0.08 (0.47%)

06:52
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Conference/Events
Krystal Biotech management to meet with Oppenheimer »

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XOP

SPDR Oil Exploration and Production Fund

$43.19

0.06 (0.14%)

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BAC

Bank of America

$28.54

-0.24 (-0.83%)

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DGAZ

VelocityShares 3x Inv Natural Gas ETN

$26.43

0.89 (3.48%)

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NBIX

Neurocrine

$102.95

0.17 (0.17%)

, TEVA

Teva

$23.29

-0.45 (-1.90%)

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Neurocrine

$102.95

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TEVA

Teva

$23.29

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UGAZ

VelocityShares 3x Long Natural Gas ETN

$54.61

-2.06 (-3.64%)

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BAC

Bank of America

$28.54

-0.24 (-0.83%)

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  • 16

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ERJ

Embraer

$21.50

-0.78 (-3.50%)

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Periodicals
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  • 16

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EPRT

Essential Properties Realty Trust

$14.00

(0.00%)

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EWZ

MSCI Brazil Index

$34.05

0.67 (2.01%)

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VNTR

Venator Materials

$16.76

0.07 (0.42%)

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Tronox

$19.31

-0.28 (-1.43%)

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PSA

Public Storage

$228.07

-1.43 (-0.62%)

06:48
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Public Storage rating change  »

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  • 02

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EFA

iShares MSCI EAFE Index Fund

$67.80

0.21 (0.31%)

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BAC

Bank of America

$28.54

-0.24 (-0.83%)

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