BETHESDA, MD—Pebblebrook Hotel Trust and LaSalle Hotel Properties approved proposals relating to Pebblebrook’s acquisition of LaSalle at their separate special meetings of shareholders. The transaction is expected to close this Friday, subject to customary closing conditions.
The results from the special meeting of LaSalle’s shareholders indicate that 99% of the shares voted were cast in favor of the proposal to approve Pebblebrook’s proposed acquisition of LaSalle, representing more than 86% of all outstanding LaSalle common shares. The results from the special meeting of Pebblebrook’s shareholders indicate that more than 99% of the shares voted were cast in favor of the proposal to approve the issuance of Pebblebrook common shares in connection with the acquisition.
Pursuant to the terms of the merger agreement dated Sept. 6, as amended Sept. 18, 2018, LaSalle shareholders were permitted to elect to receive share and/or cash consideration with respect to their LaSalle common shares. A maximum of 30% of the outstanding LaSalle common shares were permitted to elect to receive cash, and elections of cash are subject to pro rata cutbacks if holders of more than 30% of the outstanding LaSalle common shares elected to receive cash.