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STAY Extended Stay America Inc

20.455
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
Extended Stay America Inc NASDAQ:STAY NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 20.455 17.32 20.30 0 00:00:00

Blackstone, Starwood Increase Offer to Buy Extended Stay America

01/06/2021 1:46pm

Dow Jones News


Extended Stay America (NASDAQ:STAY)
Historical Stock Chart


From Feb 2020 to Feb 2025

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By Dave Sebastian

 

Blackstone Group Inc. and Starwood Capital Group have agreed to increase their offer to buy hotel owner and operator Extended Stay America Inc. to $20.50 per paired share.

The joint venture between Blackstone and Starwood in March agreed to buy the midprice hotel chain for $19.50 per paired share, valuing it at $6 billion. The companies Tuesday said the raised price represents a 21% premium over Extended Stay's March 12 closing price of $16.94, which was the last trading day before the agreement was struck.

The companies expect the deal to close June 16, pending shareholder approval.

Extended Stay said its board plans to declare a special cash dividend of $1.75 a share of its common stock payable before the effective time of the proposed combination.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

June 01, 2021 08:36 ET (12:36 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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