September 5, 2018 / 8:28 PM / 7 months ago

LaSalle says to go with Pebblebrook offer

Sept 5 (Reuters) - The board of LaSalle Hotel Properties said on Wednesday the unsolicited offer from Pebblebrook Hotel Trust constituted a "superior proposal" to that from Blackstone Group LP.

The company also said it had sent a notice to Blackstone Group LP to terminate its previous merger agreement.

Pebblebrook has offered 0.92 of its common shares per LaSalle share, with the option to receive $37.80 per share in cash up to a maximum of 30 percent in aggregate of the consideration. (Reporting by Sanjana Shivdas in Bengaluru; Editing by Anil D'Silva)

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