CHARLOTTE, N.C., June 04, 2021 (GLOBE NEWSWIRE) — Prolonged Keep America, Inc. (“ESA”) and its paired-share REIT, ESH Hospitality, Inc. (“ESH” and, along with ESA, “Prolonged Keep” or the “Firm”) (NASDAQ: STAY) at present introduced that Institutional Shareholder Companies Inc. (“ISS”), a number one impartial proxy advisory agency, has reversed its prior voting suggestion.
It recommends that Prolonged Keep shareholders vote FOR the now amended and better $20.50 per paired share acquisition settlement with a 50/50 three way partnership between funds managed by Blackstone Actual Property Companions (“Blackstone”) and Starwood Capital Group (“Starwood Capital”) on the Firm’s Particular Conferences of Shareholders, which is scheduled to be adjourned to June 11, 2021.
Doug Geoga, Chairman of the Boards of the Firm, stated, “The ISS suggestion is according to our agency perception that this transaction is the appropriate final result for shareholders and gives superior worth to our continued operation as a public firm.
“Along with the unanimous assist of our Boards, we’re additionally happy to notice that the transaction is now supported by various our massive shareholders who had beforehand expressed considerations.”
Bruce Haase, CEO and President of the Firm, added, “That is the most effective path for rapid and sure worth creation for Prolonged Keep shareholders.”
The Firm additionally highlighted commentary at present from sell-side analysis agency Jefferies, which stated, “If the measure have been to fail, the inventory may commerce into the <$15 vary quickly, roughly 24% decrease than the proposed supply, in our estimation.”1
Prolonged Keep shareholders are reminded that their vote is extraordinarily necessary, irrespective of what number of shares they personal. To comply with the suggestions of ISS and the Firm’s Boards, shareholders ought to vote “FOR” the proposal on the WHITE proxy card at present to approve the transaction and safe the sure, rapid and compelling worth of $20.50 per paired share in money.
The amended merger settlement has been unanimously accredited by the whole boards of administrators of each ESA and ESH. As beforehand introduced, the Particular Conferences shall be adjourned to June 11, 2021, at 8:30 a.m., Jap Time (for ESA) and 9:30 a.m., Jap Time (for ESH). The Particular Conferences shall be held solely on-line by way of a dwell audio webcast at www.virtualshareholdermeeting.com/STAY2021SM. The report date for the Particular Conferences is April 19, 2021.
Shareholders who’ve already voted in favor of the transaction don’t have to recast their votes. Proxies beforehand submitted shall be voted on the Particular Conferences except correctly revoked. Shareholders who haven’t already voted or want to change their vote are inspired to take action. Voting at present by web, phone, or mail cancels any vote beforehand solid. Solely the most recent dated proxy, web or telephonic vote counts. When you’ve got any questions, or want help in voting your shares, please instantly contact Okapi Companions LLC, our proxy solicitor, at (877) 629-6357 (toll-free) or at email@example.com.
In regards to the Firm
Prolonged Keep America, Inc. (“ESA”) and its model Prolonged Keep America® is the main model within the mid-priced prolonged keep section within the U.S. with 652 motels. ESA’s subsidiary, ESH Hospitality, Inc., is the biggest lodging REIT in North America by unit and room depend, with 564 motels and roughly 62,500 rooms within the U.S. ESA additionally franchises a further 88 Prolonged Keep America® motels. Go to www.esa.com for extra data.
Extra Data and The place to Discover It
This communication could also be deemed to be solicitation materials in respect of the proposed acquisition of Prolonged Keep America, Inc. and ESH Hospitality, Inc. (collectively, the “Corporations”) by a three way partnership of Blackstone Actual Property Companions and Starwood Capital Group. In reference to the proposed transaction, on April 26, 2021, the Corporations filed with the Securities and Change Fee (“SEC”) a definitive joint proxy assertion and on June 3, 2021, the Corporations filed with the SEC a complement to the joint proxy assertion. STOCKHOLDERS OF THE COMPANIES ARE ADVISED TO READ THE DEFINITIVE JOINT PROXY STATEMENT, THE SUPPLEMENT AND OTHER SOLICITING MATERIAL THE COMPANIES HAVE FILED WITH THE SEC BECAUSE THEY CONTAINS IMPORTANT INFORMATION. Traders could receive a free copy of the definitive joint proxy assertion, the complement and different related paperwork filed by the Corporations with the SEC on the SEC’s Website at http://www.sec.gov. The definitive joint proxy assertion, the complement and such different paperwork filed with the SEC can also be obtained without cost from the Investor Relations part of the Corporations’ website (https://www.aboutstay.com/investor-relations) or by directing a request to the Corporations at firstname.lastname@example.org.
Sure statements contained on this doc represent “forward-looking statements” inside the that means of the federal securities legal guidelines. All statements apart from statements of historic information included on this doc could also be forward-looking, together with statements concerning, amongst different issues, the Corporations’ means to fulfill their debt service obligations, future capital expenditures (together with future acquisitions and resort renovation applications), their distribution insurance policies, their growth, development and franchise alternatives, anticipated advantages or use of proceeds from tendencies, their plans, goals, targets, beliefs, enterprise methods, enterprise circumstances, outcomes of operations, monetary place and enterprise outlook, enterprise traits and future occasions, together with the COVID-19 pandemic, its results on the foregoing, authorities actions taken in response to the COVID-19 pandemic and actions that the Corporations have taken or plan to soak up response to the pandemic and such results. When used on this doc, the phrases “consider,” “count on,” “anticipate,” “intend,” “estimate,” “will,” “stay up for” and variations of such phrases or related expressions are meant to establish forward-looking statements. The forward-looking statements will not be historic information, and are based mostly upon the Corporations’ present expectations, beliefs, estimates and projections, and varied assumptions, a lot of which, by their nature, are inherently unsure and past their management. There will be no assurance that administration’s expectations, beliefs, estimates and projections shall be achieved, and precise outcomes could differ materially from what’s expressed in or indicated by the forward-looking statements.
There are a selection of dangers, uncertainties and different necessary elements, a lot of that are past the Corporations’ management, that might trigger their precise outcomes to vary materially from the forward-looking statements contained on this communication. The potential dangers and uncertainties embrace, amongst others, the likelihood that Prolonged Keep America, Inc. could also be unable to acquire required stockholder approvals or that different circumstances to closing the proposed mergers might not be happy, such that the proposed mergers won’t shut or that the closing could also be delayed; normal financial circumstances; the proposed mergers could contain sudden prices, liabilities or delays; dangers that the transaction disrupts present plans and operations of the Corporations; the end result of any authorized proceedings associated to the proposed mergers; and the prevalence of any occasion, change or different circumstances that might give rise to the termination of the merger settlement. For extra particulars on these and different potential dangers and uncertainties, please check with the definitive joint proxy assertion and the paperwork that the Corporations file with the SEC. All forward-looking statements converse solely as of the date of this communication or, within the case of any doc included by reference, the date of that doc. The Corporations are beneath no responsibility to replace any of the forward-looking statements after the date of this doc to evolve to precise outcomes, besides as required by relevant legislation.
1 Permission to cite neither sought nor given.