ISS Calls on Extended Stay Shareholders to Vote for New Blackstone and Starwood Offer By Reuters

© Reuters.

(Reuters) – Proxy advisor Institutional Shareholder Services has recommended shareholders of Extended Stay America (NASDAQ 🙂 vote for Blackstone Group (NYSE 🙂 and the takeover bid for Starwood Capital, the company said on Friday. hotel operator.

ISS, which previously opposed the $ 6 billion deal on valuation grounds, reversed its position after private equity firms increased their extended stay offer from $ 1 per share to 20 , $ 50 per share earlier this week.

“We are also pleased to note that the transaction is now supported by a number of our major shareholders who had previously expressed concerns,” Extended Stay President Doug Geoga said in a statement.

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