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PEB

Pebblebrook Hotel

$39.18

0.17 (0.44%)

, LHO

LaSalle Hotel

$34.45

-0.1 (-0.29%)

17:31
08/21/18
08/21
17:31
08/21/18
17:31

Pebblebrook Hotel increases terms of offer to merger with LaSalle Hotel

Pebblebrook Hotel Trust (PEB) released a letter dated August 21, 2018 to the Board of Trustees of LaSalle Hotel Properties (LHO) in which Pebblebrook submitted an enhanced merger proposal for a strategic combination with LaSalle. Under the enhanced terms, Pebblebrook has increased the number of LaSalle common shares that may receive $37.80 in cash per share to up to 30% of LaSalle common shares in aggregate, representing a 50% increase in the number of shares that may receive cash compared to Pebblebrook's prior offer. The increased cash component of the Pebblebrook offer provides additional certainty and greater downside protection to LaSalle's shareholders while also increasing the overall value of the offer. This enhanced proposal was unanimously approved by Pebblebrook's Board of Trustees and will remain outstanding following a rejection by LaSalle shareholders of the proposed transaction between LaSalle and affiliates of The Blackstone Group L.P. (BX), which is scheduled to be voted on by LaSalle shareholders on September 6, 2018. The increased Pebblebrook offer provides LaSalle shareholders with the option to elect to receive for each LaSalle common share they own either a) a fixed amount of $37.80 in cash or b) a fixed exchange ratio of 0.92 Pebblebrook common share. Under the increased terms, the maximum amount of LaSalle shares eligible to receive cash is increased from 20% to 30% of the outstanding shares, a 50% increase, in the aggregate subject to pro rata cutbacks. The $37.80 cash option is $4.30 per share, or 13%, higher than the Blackstone cash merger price of $33.50 per share, and represents a strong anchor providing increased downside protection. Based on the closing price per Pebblebrook common share of $39.17 on August 21, 2018, and assuming 30% of the LaSalle common shares receive cash in lieu of Pebblebrook common shares, the implied price of the increased Pebblebrook offer is $36.57, or 9.2%, above the Blackstone take-under price of $33.50. With the increased cash offering, Pebblebrook common shares would have to decline by $4.76, or 12.2%, from today's closing price, in order for the premium of Pebblebrook's offer to be eliminated. The Pebblebrook proposal takes into account the $112 million cost of the termination fee LaSalle agreed to pay to Blackstone.

PEB

Pebblebrook Hotel

$39.18

0.17 (0.44%)

LHO

LaSalle Hotel

$34.45

-0.1 (-0.29%)

BX

Blackstone

$36.49

-0.31 (-0.84%)

PEB Pebblebrook Hotel
$39.18

0.17 (0.44%)

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
$34.45

-0.1 (-0.29%)

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.
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).
05/18/18
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.
BX Blackstone
$36.49

-0.31 (-0.84%)

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).
08/14/18
MSCO
08/14/18
NO CHANGE
Target $42
MSCO
Overweight
Morgan Stanley says 'increasingly bullish' on Overweight-rated Blackstone
Morgan Stanley analyst Michael Cyprys raised his price target on Blackstone to $42 from $40, telling investors in a research note that he is "increasingly bullish" on the Overweight-rated stock, as he sees asset gathering momentum picking up, which should raise "sticky" management fee-related earnings by 35% over the next six quarters. Blackstone is holding an Investor Day on September 21, its first since 2014, which he views as a catalyst for greater clarity on growth opportunities.

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ERIC

Ericsson

$8.91

0.12 (1.37%)

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AZN

AstraZeneca

$37.76

0.075 (0.20%)

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GE

General Electric

$11.67

-0.505 (-4.15%)

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NWL

Newell Brands

$20.22

-1.61 (-7.38%)

, SHLD

Sears

$1.17

-0.115 (-8.95%)

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$20.22

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Sears

$1.17

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FIT

Fitbit

$5.68

-0.265 (-4.46%)

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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AAPL

Apple

$218.75

1.1 (0.51%)

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$NYE

NYSE Market Internals

$0.00

(0.00%)

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BBY

Best Buy

$80.08

-0.56 (-0.69%)

11:15
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RTN

Raytheon

$202.18

-1.315 (-0.65%)

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CMCSA

Comcast

$35.07

-2.84 (-7.49%)

, CMCSK

Comcast

$0.00

(0.00%)

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CMCSA

Comcast

$35.07

-2.84 (-7.49%)

CMCSK

Comcast

$0.00

(0.00%)

SKYAY

Sky

$0.00

(0.00%)

AVP

Avon Products

$2.41

-0.025 (-1.03%)

CZR

Caesars

$10.53

-0.25 (-2.32%)

BIO

Bio-Rad

$308.01

9.56 (3.20%)

NTNX

Nutanix

$42.73

-3.82 (-8.21%)

MSFT

Microsoft

$113.83

-0.87 (-0.76%)

VMW

VMware

$153.08

1.08 (0.71%)

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SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$290.60

-1.43 (-0.49%)

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$0.00

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$290.60

-1.43 (-0.49%)

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MSFT

Microsoft

$113.66

-1.04 (-0.91%)

, ADBE

Adobe

$261.32

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$261.32

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SAP

$122.23

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FCX

Freeport McMoRan

$14.38

-0.22 (-1.51%)

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MCD

McDonald's

$163.93

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S&P 500

$0.00

(0.00%)

, SPY

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$290.57

-1.46 (-0.50%)

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