On Thursday, Shares of Pfizer Inc. (NYSE:PFE), gained 2.07% to $32.62.
Pfizer invites investors and the general public to listen to a webcast of a negotiation with Frank D’Amelio, Executive Vice President, Business Operations, and Chief Financial Officer, at the Morgan Stanley Global Healthcare Conference on Thursday, September 17, 2015 at 2:55 p.m. Eastern Daylight Time.
Pfizer Inc., a biopharmaceutical company, discovers, develops, manufactures, and sells healthcare products worldwide. The company operates through Global Innovative Pharmaceutical (GIP); Global Vaccines, Oncology and Consumer Healthcare (VOC); and Global Established Pharmaceutical (GEP) segments.
Shares of Strategic Hotels & Resorts, Inc. (NYSE:BEE), inclined 0.07% to $14.04, during its last trading session.
Strategic 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, Strategic 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 Strategic 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.
Tyler Henritze, co-head of US acquisitions for Blackstone Real Estate, added, “We are excited about the opportunity to acquire one of the highest quality luxury hotel portfolios in the U.S. As long term investors in the lodging industry, we remain confident in the fundamentals of the sector despite recent market volatility.”
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.
Strategic 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.
Finally, KeyCorp. (NYSE:KEY), ended its last trade with 0.30% gain, and closed at $13.57.
KeyCorp. will declare third quarter 2015 earnings on Thursday, October 15, 2015, before the market opens. A conference call will be held at 9:00 a.m. ET to review financial results, strategy and outlook.
The live audio webcast of the conference call and presentation materials will be available at www.key.com/ir. If you are unable to join the live conference call, or wish to hear a re-broadcast, access www.key.com/ir and select Presentations & Webcasts.
KeyCorp. operates as the bank holding company for KeyBank National Association that provides various retail and commercial banking services to individual, corporate, and institutional clients in the United States.
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