Apple Hospitality REIT/Apple REIT Ten merger can move forward
Posted: Monday, June 6, 2016 10:30 pm |
The planned $1.3 billion merger between Richmond-based real estate investment trust Apple Hospitality REIT and sister company Apple REIT Ten can move forward after Apple Ten did not receive any other viable acquisition offers.
The merger agreement, entered into on April 13 and expected to close in the third quarter, would create a combined company with a real estate portfolio of 234 Marriott and Hilton brand hotels nationwide, including 16 in Virginia.
On Monday, Apple Ten disclosed that during the “go-shop” period that expired May 28, 54 third parties were contacted — including 17 potential strategic buyers and 37 potential financial buyers — 10 of which executed confidentiality agreements with Apple Ten. None of the third parties contacted, however, provided Apple Ten with a proposal or offer regarding an alternative acquisition proposal.