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Blackstone, Starwood Up Bid for Extended Stay America

Javascript is disabled in your web browser. For full functionality of this site it is necessary to enable JavaScript. Please Allow Javascript and reload this page. Blackstone, Starwood up bid for Extended Stay America Shareholders worry that company is undervalued in the deal National / TRD Staff Starwood CEO Barry Sternlicht and Blackstone CEO Stephen Schwarzman (Getty) Blackstone Group and Starwood Capital Group are once again trying to woo Extended Stay America’s shareholders. The two firms announced Tuesday that they would increase their offer to buy the hotel operator to $20.50 per share, Bloomberg News reported. In March, they agreed to buy the company at $19.50 per share. But some of Extended Stay’s shareholders have voiced opposition to the deal, questioning the timing, how the sale proceeded one group, Tarsadia Capital, says the bidding process did not allow for higher offers and the price itself.

Blackstone and Starwood Boost Offer for Extended Stay Ahead of Vital Shareholder Vote

Blackstone, Starwood Sweeten Extended Stay America Offer

Share Blackstone Real Estate Partners and Starwood Capital Group have increased their offer to purchase Extended Stay America to $20.50 per share, $1 per share more than their prior offer. The new offer represents about a 21 percent premium over the stock s closing value on March 12, the last trading day prior to the deal s announcement, according to ESA. ESA has signed an amendment to the previous definitive merger agreement accepting the new offer.  All members of ESA s dual boards one for ESA and one for its paired-share real estate investment trust ESH Hospitality unanimously approved the new offer and recommend that shareholders do as well, according to ESA. Previously, two board members had opposed the initial deal, per ESA s proxy statement filed April 13. 

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