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OFFON

THE BLACKSTONE GROUP INC.

(BX)
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Blackstone, Starwood Increase Offer to Buy Extended Stay America

06/01/2021 | 06:36am EDT

By Dave Sebastian

Blackstone Group Inc. and Starwood Capital Group have agreed to increase their offer to buy hotel owner and operator Extended Stay America Inc. to $20.50 per paired share.

The joint venture between Blackstone and Starwood in March agreed to buy the midprice hotel chain for $19.50 per paired share, valuing it at $6 billion. The companies Tuesday said the raised price represents a 21% premium over Extended Stay's March 12 closing price of $16.94, which was the last trading day before the agreement was struck.

The companies expect the deal to close June 16, pending shareholder approval.

Extended Stay said its board plans to declare a special cash dividend of $1.75 a share of its common stock payable before the effective time of the proposed combination.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

06-01-21 0836ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.53% 35111.23 Delayed Quote.14.55%
EXTENDED STAY AMERICA, INC. 0.00% 20.46 End-of-day quote.0.00%
THE BLACKSTONE GROUP INC. 2.09% 116.715 Delayed Quote.76.45%
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Financials (USD)
Sales 2021 8 827 M - -
Net income 2021 4 643 M - -
Net Debt 2021 3 917 M - -
P/E ratio 2021 30,7x
Yield 2021 2,83%
Capitalization 82 393 M 82 393 M -
EV / Sales 2021 9,78x
EV / Sales 2022 8,69x
Nbr of Employees 3 165
Free-Float 99,1%
Chart THE BLACKSTONE GROUP INC.
Duration : Period :
The Blackstone Group Inc. Technical Analysis Chart | BX | US09260D1072 | MarketScreener
Technical analysis trends THE BLACKSTONE GROUP INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 114,36 $
Average target price 113,77 $
Spread / Average Target -0,51%
EPS Revisions
Managers and Directors
Stephen Allen Schwarzman Chairman & Chief Executive Officer
Jonathan D. Gray President, Chief Operating Officer & Director
Michael S. Chae Chief Financial Officer
John Stecher Chief Technology Officer
Jeffrey Iverson Managing Director-Legal & Compliance
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