Extended Stay America shareholders on Thursday voted in favor of the proposed purchase of the company by Blackstone Real Estate Partners and Starwood Capital for $20.50 per share, according to preliminary results reported by ESA. The company did not release a vote count.
Final results are subject to certification by an independent inspector. ESA said it would disclose final results with the Securities and Exchange Commission following the certification.
Blackstone and Starwood had been in and out of negotiations to purchase the company since 2017. Their initial offer of $19.50 per share offered in March was opposed by some shareholders, including Tarsadia Capital, two board members and at least one industry advisory firm, ISS. Blackstone and Starwood then increased their offer to $20.50 per share, which was enough to win the approval of the two board members and ISS.
The deal’s closing currently is scheduled for June 16 according to ESA.
Blackstone, Starwood Sweeten Extended Stay America Offer