Ashford Receives Unsolicited $1.48B Takeover Offer
Weismann Group offered Ashford Hospitality Prime a $753M buyout yesterday, according to a regulatory filing today.
The deal would value the company 79% more than its Tuesday closing market cap, and amounts to $1.48B including the debt involved, Bloomberg reports.
Ashford has been embroiled in a fight with shareholder and activist investor Sessa Capital for control of the board recently, the latter criticizing the REIT’s contract with its adviser, Ashford Inc.
Ashford Hospitality Prime completed a strategic review in April, and says it will carefully review Weisman’s unsolicited offer. [Bloomberg]