NEW YORK, July 2, 2018 /PRNewswire/ -- Mudrick
Capital Management, L.P., which together with its affiliates
beneficially owns 1,000,000 shares of the outstanding common stock
of LaSalle Hotel Properties (NYSE: LHO), today issued a public
letter to LaSalle's Board of Trustees.
The full text of the letter follows:
July 2nd, 2018
Board of Trustees
LaSalle Hotel Properties
7550 Wisconsin Avenue, 10th floor
Bethesda, MD 20814
Dear Members of the Board of Trustees:
Mudrick Capital Management, L.P., together with its affiliates,
beneficially owns 1,000,000 shares of the outstanding common stock
of LaSalle Hotel Properties (the "Company" or "LaSalle").
We are writing to express our support for the revised merger
proposal made by Pebblebrook Hotel Trust, as publicly announced on
June 11, 2018. We believe that
the revised Pebblebrook proposal clearly is financially superior to
the proposed transaction with affiliates of Blackstone. We
strongly urge you to negotiate the terms of a merger agreement with
Pebblebrook.
If you proceed to submit the Blackstone proposal to the
Company's shareholders for approval at a special meeting of
shareholders, under its current terms we intend to vote our shares
"Against" the Blackstone proposal.
We wish to remind you of your fiduciary duties as members of the
Company's Board of Trustees to act in the best interest of all
shareholders in this matter. We expect that in any further
discussions with Blackstone regarding its proposal, you will be
mindful not to change the terms of the merger agreement with
Blackstone in a way that would inhibit the Company from reaching an
agreement with whichever party ultimately makes the superior offer,
or would make it unduly financially burdensome for a third party to
make a superior offer.
If you fail to comply with your fiduciary duties we will be
forced to explore avenues to protect the best interest of LaSalle
shareholders.
Sincerely,
/s/ Jason
Mudrick
Jason Mudrick
Mudrick Capital Management, L.P.
About Mudrick Capital
Mudrick Capital is an SEC-registered investment adviser based in
New York City that specializes in
distressed credit and deep value event driven investing.
Founded in 2009, Mudrick Capital manages capital for a diverse
group of sophisticated institutions and individuals, including
endowments, foundations, insurance companies, private banks,
fund-of-funds, pensions, family offices and high net worth
individuals.
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SOURCE Mudrick Capital Management, L.P.