Ashford Hospitality Prime: Take The Money And Run

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Ashford Hospitality Prime has a sizable buyout offer from The Weisman Group. Shares have spiked 30% on the day as the offer puts AHP fair value at $20.25. Weisman went activist on the name in April with the idea of buying the company.

Sessa Capital is the other activist investor involved here, with an 8.2% stake. They’ve been trying to get the company to overhaul its fee agreements and waging a proxy battle. This could be a happy, somewhat unhappy for Sessa who has questioned AHP’s strategic alternatives process, but this ends a lengthy saga. Shareholders, Sessa included, which recently had its hopes of getting on the board dashed by a court ruling, should take the money and run.

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