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Shareholder urges LaSalle board to green light revised Pebblebrook offer

LaSalle Hotel Properties shareholder Mudrick Capital Management LP issued a letter to the hotel real estate investment trust's board arguing in favor of Pebblebrook Hotel Trust's revised merger offer, as opposed to a merger with affiliates of Blackstone Group LP's Blackstone Real Estate Partners VIII.

Mudrick Capital Management, which together with its affiliates own 1.0 million shares of LaSalle's common stock, urged the board to work out an agreement with Pebblebrook and said that it would vote against the Blackstone deal, under its current terms, at any special meeting of shareholders.

Pebblebrook's most recent unsolicited offer for LaSalle had an implied price of $37.80 per share in cash and stock, which the shareholder considers to be a better proposal than Blackstone's all-cash offer of $33.50 per share.

The letter ended with a warning that if the company fails to reach a deal, either with Pebblebrook, Blackstone or a third party, Mudrick would explore other options to "protect the best interest of LaSalle shareholders."

LaSalle and Pebblebrook could not immediately be reached for comment.