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Tue, June 1, 2021, 8:56 AM
June 1 (Reuters) - Extended Stay America said on Tuesday Blackstone Group and Starwood Capital Group raised their buyout bid for the hotel operator by $1 per share, after a proxy adviser recommended shareholders vote against the $6 billion takeover offer.
Under the deal, a joint venture between funds managed by the two companies will pay Extended Stay shareholders a total of $20.50 per share, up from a previous offer of $19.50 per share in March.
"The $20.50 per paired share consideration represents the Blackstone/Starwood Capital joint venture's best and final offer," the companies said in a statement.
The new bid comes a week after ISS said the deal terms of the previous $6 billion offer did not appear to be sufficiently compelling.
The amended deal has been unanimously approved by the board of Extended Stay America. The deal is expected to close on June 16, the company said.////
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