trending Market Intelligence /marketintelligence/en/news-insights/trending/ks3Q6LZYjLrGuCLuInqMQA2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Weisman Group ups offer for Ashford Prime to $1.54B

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate CRE Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


Weisman Group ups offer for Ashford Prime to $1.54B

Weisman Group LLC raised its offer to acquire AshfordHospitality Prime Inc. to $1.54 billion and said it hopes to continuenegotiating with the REIT about the terms of the deal.

In a July 21 letter, Weisman said its new offer amounts to roughly$23.65 per Ashford Prime share, or $20.58 per share after allocating $70 millionto the REIT's termination fee with external manager Ashford Inc. The investor, which controls roughly 5.3% ofAshford Prime's outstanding shares, previously was offering $1.48 billion.

The two sides have differedover the size of the termination fee, which Ashford Prime likely would have to payto Ashford Inc. if the manager is removed. Ashford Prime — which shares severalkey executives with Ashford Inc., including Chairman and CEO Monty Bennett — hasnot specified the size of the expected fee but maintains it will be significantlyhigher than Weisman's estimate.

In the letter, Weisman Group manager Lyle Weisman acknowledgedthat the fee is "subject to negotiation." Weisman Group will participatein discussions that include Ashford Inc., Weisman said.

Weisman's letter enumerated a series of unresolved matters thatcould still stand in the way of a deal, though the firm said it is open, even beforethe differences are resolved, to signing a definitive acquisition agreement thatwould include a "substantial" deposit, a go-shop period and a breakupfee.

The letter struck a conciliatory note with regard to details.

As company shareholders, "we obviously want to amicablyresolve and negotiate the advisory agreement termination fee," Weisman wrote,"but as buyers of the company, the magnitude of the termination fee will notmaterially impact our decision to move forward on the transaction."

He added: "In other words, we are accommodating and flexibleto any and all paths that will help ensure that our offer be accepted by the companyand presented to all shareholders of AHP for ratification, as long as those pathsdon't unduly restrict our ability to participate in a transaction."