Pebblebrook Urges LaSalle Shareholders To Vote Against Proposed BRE Merger

(RTTNews) - Pebblebrook Hotel Trust (PEB) announced it has filed a preliminary proxy statement with the SEC to urge shareholders of LaSalle Hotel Properties (LHO) to vote with Pebblebrook against LaSalle's merger agreement with BRE Landmark L.P., an affiliate of The Blackstone Group L.P. (BX) at a price of $33.50 per share. Pebblebrook said its June 11, 2018 superior offer for a strategic combination with LaSalle remains outstanding, and the company is prepared to move forward with it immediately. Pebblebrook intends to vote its 10.8 million LaSalle common shares against the BRE Merger Proposal.

The proposed BRE Merger must be approved by the affirmative vote of the holders of at least sixty-six and two-thirds percent of the outstanding LaSalle common shares as of the record date for the special meeting.