FelCor Lodging Trust Responds to Ashford Hospitality Trust’s Unsolicited Proposal
21 Fevereiro 2017 - 1:25PM
Business Wire
Company Has Engaged with AHT Since Last Fall;
Unable to Reach Mutually Beneficial Terms
Company Responds to Ashford’s Director
Nominees
FelCor Shareholders Need Take No Action at This
Time
FelCor Lodging Trust Incorporated (NYSE: FCH) confirmed today
that its Board of Directors has received an unsolicited,
non-binding and conditional proposal to combine its business with
Ashford Hospitality Trust (NYSE: AHT). The proposal, made public by
AHT today, follows several months in which FelCor has engaged with
AHT in an effort to explore the possibility that a mutually
beneficial transaction could be reached.
The FelCor Board established a transaction committee in December
of 2016, comprised of independent directors, to facilitate
consideration of AHT’s proposal and direct any related discussions,
among other things. To date, however, the parties have not been
able to reach mutually agreeable terms.
The FelCor Board will review AHT’s proposal of February 21,
2017, together with its financial and legal advisors and respond as
appropriate. FelCor’s shareholders are advised to take no action at
this time. The Company cautioned that there can be no assurance
that any transaction will be reached or the terms on which any such
agreement would be based.
FelCor also acknowledged receipt of AHT’s intent to nominate
seven directors for nomination at the Company’s next annual
meeting. The FelCor Board of Directors will review the nominees and
make a recommendation to shareholders in due course.
BofA Merrill Lynch is acting as financial advisor to the Company
and Sidley Austin LLP, Polsinelli LLP and Jones Day are providing
legal advice to the Company.
About FelCor
FelCor, a real estate investment trust, owns a diversified
portfolio of primarily upper-upscale and luxury hotels that are
located in major and resort markets throughout the U.S. FelCor
partners with top hotel companies to operate its properties under
globally renowned names and as premier independent hotels.
Additional information can be found on the company's website at
www.felcor.com.
Forward-Looking Statements
With the exception of historical information, the matters
discussed in this news release include “forward-looking statements”
within the meaning of the federal securities laws. These
forward-looking statements are identified by their use of terms and
phrases such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,”
“will,” “continue” and other similar terms and phrases, including
references to assumptions and forecasts of future results.
Forward-looking statements are not guarantees of future
performance. Numerous risks and uncertainties, and the occurrence
of future events, may cause actual results to differ materially
from those anticipated at the time the forward-looking statements
are made. Current economic circumstances or an economic slowdown
and the impact on the lodging industry, operating risks associated
with the hotel business, relationships with our property managers,
risks associated with our level of indebtedness and our ability to
meet debt covenants in our debt agreements, our ability to complete
acquisitions, dispositions and debt refinancing, the availability
of capital, the impact on the travel industry from security
precautions, our ability to continue to qualify as a Real Estate
Investment Trust for federal income tax purposes and numerous other
factors may affect future results, performance and achievements.
Certain of these risks and uncertainties are described in greater
detail in our filings with the Securities and Exchange Commission.
Although we believe our current expectations to be based upon
reasonable assumptions, we can give no assurance that our
expectations will be attained or that actual results will not
differ materially. We undertake no obligation to update any
forward-looking statement to conform the statement to actual
results or changes in our expectations.
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version on businesswire.com: http://www.businesswire.com/news/home/20170221006218/en/
InvestorsFelCor Lodging Trust IncorporatedMichael
Hughes/Abi Salami, 972-444-4900orD.F. King & Co., Inc.Tom
Germinario, 212-269-5550orMediaSard Verbinnen & CoHugh
Burns/Robin Weinberg, 212-687-8080
Felcor Lodging (NYSE:FCH)
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