Blackstone, Starwood Capital raise offer for Extended Stay America to $20.50 per share By Reuters

June 1, 2021 admin Stock News 0

© Reuters. FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid/File Photo

(Reuters) – Extended Stay America (NASDAQ:) on Tuesday said Blackstone Group (NYSE:) and Starwood Capital Group raised their buyout bid for the hotel operator to $20.50 per paired share in cash.

Under the deal, a joint venture between funds managed by the two companies will pay Extended Stay shareholders a total of $20.50 per paired share, up from a previous offer of $19.50 per share in March.

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