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ISS asks Extended Stay shareholders to vote for Blackstone and Starwood's new offer

Stock MarketsJun 04, 2021 02:30PM ET
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(Reuters) - Proxy adviser Institutional Shareholder Services has recommended shareholders of Extended Stay America (NASDAQ:STAY) to vote for Blackstone Group (NYSE:BX) and Starwood Capital's raised takeover offer, the hotel operator said on Friday.

ISS, which previously opposed the $6 billion deal on valuation grounds, has reversed its stance after the private equity firms increased their offer for Extended Stay by $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 large shareholders who had previously expressed concerns," Extended Stay Chairman Doug Geoga said in a statement.

ISS asks Extended Stay shareholders to vote for Blackstone and Starwood's new offer
 

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