BX - Extended Stay hits sessions highs after holders approve $6B sale to Blackstone and Starwood

hapabapa/iStock Editorial via Getty Images Extended Stay (STAY) rose to session highs, up 0.6% after the lodging company confirmed that preliminary votes  indicated shareholders approved its sale to Blackstone (BX) and Starwood Capital. The results of the vote are preliminary and are subject to certification by the independent inspector of election, according to a statement. Extended Stay intends to disclose the final voting results in an 8K filing. The deal is scheduled to close on June 16. Earlier CTFN's Diane Alter tweeted that a preliminary tally indicated Extended Stay had about 10M votes over the amount needed to complete the deal. Yesterday, Bloomberg reported that the deal was expected to be approved by shareholders, citing early voting results. The approval comes after Blackstone/Starwood raised its bid for the lodging company by a $1/share last week to $20.50 and proxy firm ISS changed its recommendation for approval of the deal.

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Extended Stay hits sessions highs after holders approve $6B sale to Blackstone and Starwood