March 28, 2018 / 1:11 PM / 4 months ago

Pebblebrook offers to buy LaSalle Hotel Properties for over $3 bln

March 28 (Reuters) - U.S. hotel owner Pebblebrook Hotel Trust on Tuesday offered to buy peer LaSalle Hotel Properties Inc in an all-stock deal, valuing the company at more than $3 billion.

Pebblebrook has offered 0.8655 of its common shares for each of LaSalle’s share, implying an offer price of $29.95 per share.

The offer represents a premium of 17.4 percent to LaSalle’s trailing 10-day volume weighted average price as of Tuesday, Pebblebrook said.

Reporting by Ankit Ajmera in Bengaluru; Editing by Arun Koyyur

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