The Blackstone Group Completes Acquisition of La Quinta
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The Blackstone Group Completes Acquisition of La Quinta
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2006-01-26
La Quinta Corporation (“LQ Corporation”) (NYSE: LQI) and its controlled
subsidiary, La Quinta Properties, Inc. (“LQ Properties” and, together with LQ Corporation, “La Quinta”),
today announced that they had completed their mergers with affiliates of The Blackstone Group. Under the
terms of the merger agreement, holders of La Quinta paired common shares will receive a total of $11.25 per
paired share in cash, without interest.
In connection with the closing of the mergers, the aggregate redemption price of LQ Properties 9% Series A
Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”) and the corresponding depositary
shares (the “Depositary Shares”), each Depositary Share representing one-tenth of one share of the Series A
Preferred Stock, has been irrevocably deposited with American Stock Transfer & Trust Company (the
“Redemption Agent”). Holders of Depositary Shares may submit their receipts, along with a letter of
transmittal, to the Redemption Agent for redemption. As previously announced, holders of Depositary
Shares will receive an aggregate redemption price of $25.275 per Depositary Share. Holders of Series A
Preferred Stock will receive an aggregate redemption price of $252.75 per share of Series A Preferred Stock.
American Stock Transfer & Trust Company, as depositary, is the sole record holder of Series A Preferred
Stock and will receive the aggregate Series A Redemption Price for disbursement to the holders of
Depositary Shares. Questions regarding the redemption may be directed to the Redemption Agent at (877)
248-6417 or (718) 921-8317.
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