Blackstone, Starwood takeover of Extended Stay opposed by ISS

A group of investors opposed to a $6 billion takeover of hotel company Extended Stay America Inc. got a boost Friday with a prominent shareholder advisory firm coming out against the deal.

Institutional Shareholder Services Inc. urged investors to oppose the acquisition by Blackstone Group Inc. and Starwood Capital Group because it agreed there were issues with the process and that the terms undervalue the company at a time when the lodging industry is starting to recover from the pandemic.

“While the company raises some valid issues about execution risk, the timing of the deal and the lack of a robust sales process do not provide sufficient confidence

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