Extended Stay America (STAY) Announces 12.75M Paired Shares Secondary Offering; Plans Stock Buyback
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Stifel Raises Price Target on Extended Stay America (STAY) to $15; Reiterates Hold
November 15, 2016 9:35 AM ESTStifel reiterated a Hold rating on Extended Stay America (NYSE: STAY), and raised the price target to $15.00 (from $14.50), following 12.75 million paired share offering by ownership group. The sale equates to 12.4% of the shares owned by the ownership group and 7.1% of the shares outstanding of STAY.... More
Extended Stay America (STAY) Prices 12.75M Paired Shares Offering
November 15, 2016 6:13 AM ESTExtended Stay America, Inc. and ESH Hospitality, Inc. (NYSE: STAY) announced the pricing of the underwritten secondary offering (the offering) of 12,750,000 Paired Shares, each Paired Share consisting of a share of common stock of Extended Stay America, Inc. and a share of Class B common stock of ESH Hospitality, Inc., which are attached and trade together as Paired Shares. The Paired Shares were offered by certain selling stockholders affiliated with Centerbridge Partners, L.P., Paulson & Co. Inc. and The Blackstone Group L.P. (the Selling Stockholders), which is expected to result in gross proceeds of approximately... More
