[The board] has determined that the proposal from Pebblebrook does not constitute, and could not reasonably be expected to lead to, a ‘superior proposal,’” the board said. “Pebblebrook’s proposal, which includes 80 percent stock consideration, continues to fail to address the significant price risks and uncertainties for LaSalle shareholders that had been previously communicated to Pebblebrook. Pebblebrook has repeatedly refused to agree to a pricing collar or similar type of pricing protection mechanism that would protect LaSalle shareholders against downside risks in the event of a decline in Pebblebrook’s share price between the signing and closing of a transaction[The board] has determined that the proposal from Pebblebrook does not constitute, and could not reasonably be expected to lead to, a ‘superior proposal,’” the board said. “Pebblebrook’s proposal, which includes 80 percent stock consideration, continues to fail to address the significant price risks and uncertainties for LaSalle shareholders that had been previously communicated to Pebblebrook. Pebblebrook has repeatedly refused to agree to a pricing collar or similar type of pricing protection mechanism that would protect LaSalle shareholders against downside risks in the event of a decline in Pebblebrook’s share price between the signing and closing of a transaction
