LaSalle Hotel Properties (NYSE:LHO) today confirmed that it received a revised unsolicited proposal from Pebblebrook Hotel Trust (NYSE: PEB) on April 13, 2018 to acquire LaSalle in a transaction with consideration of 0.8944 common shares of Pebblebrook per common share of LaSalle, with the option for LaSalle shareholders to elect to receive cash up to a maximum of 15% in aggregate of the consideration, subject to pro ration.Consistent with its fiduciary duties and in consultation with its financial and legal advisors, the LaSalle Board of Trustees will carefully review Pebblebrook's revised proposal to determine the course of action that it believes is in the best interest of the Company's shareholders. The LaSalle Board of Trustees expects to respond to Pebblebrook's proposal in due course.
LaSalle shareholders are advised to take no action at this time, pending the review of the revised proposal by LaSalle's Board of Trustees.
Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC are acting as financial advisors to LaSalle and Goodwin Procter LLP and DLA Piper LLP (US) are acting as legal counsel.
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