Brief: Ashford Announces Definitive Agreement To Buy Remington's Hotel Management Business

Ashford

03/06/2019 13:30

June 3 (Reuters) - Ashford Inc  AINC.A :
    * ASHFORD ANNOUNCES DEFINITIVE AGREEMENT TO ACQUIRE
REMINGTON'S
HOTEL MANAGEMENT BUSINESS
    * ASHFORD INC - TRANSACTION WILL INCREASE ASHFORD'S TOTAL
ENTERPRISE VALUE TO APPROXIMATELY $600 MILLION
    * ASHFORD INC - TRANSACTION IS EXPECTED TO BE IMMEDIATELY
ACCRETIVE TO ADJUSTED NET INCOME PER SHARE
    * ASHFORD INC - DEAL FOR $275 MILLION
    * ASHFORD INC - TRANSACTION WILL INCREASE ASHFORD'S TOTAL
ENTERPRISE VALUE TO APPROXIMATELY $600 MILLION
    * ASHFORD INC - ASHFORD'S INDEPENDENT DIRECTORS HAVE
UNANIMOUSLY
RECOMMENDED APPROVAL OF ACQUISITION BY ASHFORD'S STOCKHOLDERS
    * ASHFORD INC - CONSIDERATION FOR TRANSACTION WILL BE A NEW
SERIES
OF CONVERTIBLE PREFERRED STOCK
    * ASHFORD INC - NEW SERIES D CONVERTIBLE PREFERRED STOCK
WILL BE
CONVERTIBLE INTO SHARES OF COMMON STOCK AT A PRICE OF $117.50
PER SHARE

Source text for Eikon:  ID:nPnb3m6zba 
Further company coverage:  AINC.A 

 ((Reuters.Briefs@thomsonreuters.com;))