August 27, 2018 / 11:18 AM / 22 days ago

LaSalle says Pebblebrook's offer may lead to higher bid than Blackstone

Aug 27 (Reuters) - U.S. hotel owner LaSalle Hotel Properties said on Monday Pebblebrook Hotel Trust’s unsolicited, non-binding proposal may lead to a “superior proposal,” intensifying a takeover battle with Blackstone Group LP.

Last week, Pebblebrook increased the cash component of its $37.80-per-share offer to a maximum of 30 percent of LaSalle’s outstanding shares from 20 percent.

Blackstone had made an all-cash offer of $33.5 per share to LaSalle in May.

“The board’s determination follows a careful and thorough review of the Pebblebrook proposal in consultation with outside financial and legal advisors,” LaSalle said in a statement.

Reporting by Arunima Banerjee in Bengaluru; Editing by Arun Koyyur

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