On Tuesday, Shares of Planned Hotels & Resorts, Inc. (NYSE:BEE), gained 3.46% to $14.07.
Planned Hotels & Resorts declared that it has reached a definitive agreement with associates of Blackstone Real Estate Partners VIII L.P., under which Blackstone will acquire all outstanding shares of common stock of Planned Hotels & Resorts, Inc., for $14.25 per share in cash, and all of the outstanding membership units of the Company’s partner, Planned Hotels Funding L.L.C., not held by the Company, for $14.25 per unit in cash. Counting outstanding debt of the Company, the total transaction value is about $6 billion.
“Our board and administration team have consistently stated that we would consider any opportunity that maximizes stockholder value,” said Raymond L. “Rip” Gellein, Chairman and Chief Executive Officer of Planned Hotels & Resorts, Inc. “We believe this transaction capitalizes on our unique portfolio, strong asset administration platform and continued operating outperformance over the past several years. The board thoroughly considered various alternatives over the course of the past few years, and this all cash offer from Blackstone creates noteworthy stockholder value with a high degree of execution certainty,” concluded Gellein.
The offer price represents a premium of about 13% over the unaffected intra-day trading price on July 23, 2015, at which point a media article was issued reporting a potential transaction for the Company. On August 17, 2015, the Company confirmed that its Board of Directors had retained J.P. Morgan and was exploring possible planned alternatives for the Company, counting the potential sale of the Company.
Planned Hotels & Resorts, Inc is an equity real estate investment trust. The firm invests in the real estate markets of the United States. It is owner and asset manager of the highest quality portfolio of upper-upscale and luxury hotels and resorts.
Shares of Johnson & Johnson (NYSE:JNJ), inclined 2.88% to $93.94, during its last trading session.
Johnson & Johnson will take part in the 2015 Morgan Stanley Healthcare Conference on Thursday, Sept. 17, at the Grand Hyatt New York. Dominic Caruso, Vice President, Finance & Chief Financial Officer will represent the Company in a session planned at 5:15 p.m. (Eastern Time).
Johnson & Johnson, together with its auxiliaries, researches and develops, manufactures, and sells various products in the health care field worldwide. It operates in three segments: Consumer, Pharmaceutical, and Medical Devices.
Finally, CBS Corporation (NYSE:CBS), ended its last trade with 2.10% gain, and closed at $43.67.
CBS Corporation and TEGNA Inc. (TGNA) have declared a comprehensive deal that renews station affiliation agreements for 10 TEGNA Media markets nationwide. The markets renewed cover over nine percent of the U.S. and serve more than 10 million households.
The new deal also comprises TEGNA’s participation in CBS All Access, the company’s digital subscription, video on demand and Nielsen-measured live streaming service. The addition of all TEGNA CBS-associated stations will expand the live linear feed coverage of CBS All Access to 85 percent of U.S. households by year-end.
The agreement comprises renewals for TEGNA-owned CBS associates: WUSA in Washington, D.C.; WTSP in Tampa, FL.; WFMY in Greensboro, NC; KTHV in Little Rock, AR; WLTX in Columbia, SC; WMAZ in Macon, GA; KREM in Spokane, WA; KHOU in Houston, TX; KENS in San Antonio, TX; and WWL in New Orleans, LA.
CBS Corporation operates as a mass media company worldwide. It operates through four segments: Entertainment, Cable Networks, Publishing, and Local Broadcasting. The Entertainment segment distributes a plan of news and public affairs broadcasts, and sports and entertainment programming; produces, acquires, and distributes programming, counting series, specials, news, and public affairs; operates online content networks for information and entertainment; and produces, acquires, and distributes theatrical motion pictures.
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