Blackstone, Starwood Increase Offer to Buy Extended Stay America
June 01 2021 - 8:46AM
Dow Jones News
By Dave Sebastian
Blackstone Group Inc. and Starwood Capital Group have agreed to
increase their offer to buy hotel owner and operator Extended Stay
America Inc. to $20.50 per paired share.
The joint venture between Blackstone and Starwood in March
agreed to buy the midprice hotel chain for $19.50 per paired share,
valuing it at $6 billion. The companies Tuesday said the raised
price represents a 21% premium over Extended Stay's March 12
closing price of $16.94, which was the last trading day before the
agreement was struck.
The companies expect the deal to close June 16, pending
shareholder approval.
Extended Stay said its board plans to declare a special cash
dividend of $1.75 a share of its common stock payable before the
effective time of the proposed combination.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
June 01, 2021 08:36 ET (12:36 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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