BX - Extended Stay America CEO defends $6B acquisition by Blackstone Starwood

Extended Stay America (STAY) CEO defends the REIT's agreement to be acquired by a joint venture of Blackstone (BX) and Starwood Capital for $19.50 per paired share in an all-cash transaction valued at ~$6B."The company's management and the boards believe this transaction provides a compelling and certain return for our shareholders," CEO Bruce Haase said in a statement.Note that STAY shares closed at $19.80 on Wednesday, above the $19.50 merger price."Management’s recommendation, and the boards’ decision, to approve this transaction, reflected careful consideration of the value achievable under the company’s business plan, the execution and market risks inherent in the plan, and the capital needed to execute the plan," he said.STAY's stock movement in the past month:He also urged shareholders to read the company's proxy statement for the transaction when it's issued to find more information on the background on the transactions, the alternatives considered, the boards' deliberations, and the

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Extended Stay America CEO defends $6B acquisition by Blackstone, Starwood