April 9, 2018 / 1:09 PM / 11 days ago

BRIEF-Ashford Announces Definitive Agreement To Acquire Remington's Project Management Division

April 9 (Reuters) - Ashford Inc:

* ASHFORD ANNOUNCES DEFINITIVE AGREEMENT TO ACQUIRE REMINGTON’S PROJECT MANAGEMENT DIVISION

* HELD REMINGTON HOLDINGS, L.P

* CONSIDERATION IN FORM OF CONVERTIBLE PREFERRED STOCK CONVERTIBLE AT $140 PER SHARE

* TRANSACTION IS EXPECTED TO BE IMMEDIATELY ACCRETIVE TO ADJUSTED NET INCOME PER SHARE

* COMPANY WILL ACQUIRE REMINGTON’S PROJECT MANAGEMENT BUSINESS FOR A TOTAL TRANSACTION VALUE OF $203 MILLION

* BOARD OF DIRECTORS UNANIMOUSLY APPROVED TRANSACTION AND RECOMMENDED ITS APPROVAL BY COMPANY’S STOCKHOLDERS

* PURCHASE PRICE WILL BE PAID BY ISSUING VOTING, CONVERTIBLE PREFERRED STOCK TO SELLERS

* UPON CLOSING OF TRANSACTION, SELLERS WILL HAVE RIGHT TO NOMINATE TWO DIRECTORS TO CO’S BOARD OF DIRECTORS Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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