Mergers and Acquisitions

Pebblebrook-LaSalle File Preliminary Joint Proxy

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Just to reiterate, terms of the deal were repeated a Sept 18 press release:

“As previously announced on September 6, 2018, Pebblebrook has entered into a definitive merger agreement to 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 (and elections of cash will be subject to pro rata cutbacks if holders of more than 30% of the outstanding LaSalle common shares elect cash).

The transaction, which is subject to customary closing conditions, including approval by LaSalle shareholders and Pebblebrook shareholders, is expected to close in the fourth quarter of 2018.” [1]

Sources:

[1] – https://www.businesswire.com/news/home/20180918006133/en/Pebblebrook-Hotel-Trust-Files-Registration-Statement-Form