US: Extended Stay America set June 8 as the date for a shareholder vote on its $6 billion acquisition by a 50/50 joint venture between Blackstone Real Estate Partners and Starwood Capital Group.
ESA also has filed a definitive proxy statement in conjunction with the proposed acquisition with the US Securities and Exchange Commission, and sent a letter to shareholders outlining the reasons the company’s management is in favour of the transaction.
The company announced the acquisition agreement on March 15, since when several major shareholders and two board directors have expressed their opposition to the sale.
Tarsadia Capital, one of ESA’s largest shareholders with around 3.9 per cent of the REIT’s shares, has filed a preliminary proxy statement to solicit votes against the proposed sale.
