June 18, 2018 / 12:13 PM / 3 months ago

LaSalle Hotel backs Blackstone bid, says Pebblebrook offer not superior

June 18 (Reuters) - U.S. hotel owner LaSalle Hotel Properties on Monday sided with Blackstone Group LP’s all-cash offer to buy the company, as it looks to thwart Pebblebrook Hotel Trust’s takeover bid.

Pebblebrook raised its cash-and-stock offer to $37.80 per share last week, topping Blackstone Group’s more than $3.7 billion proposal.

LaSalle also said Pebblebrook’s latest offer did not constitute a superior offer. (Reporting by Ankit Ajmera in Bengaluru Editing by Saumyadeb Chakrabarty)

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