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Blackstone Group agreed to acquire La Quinta (LQI Quote) for $2.3 billion.
The investing firm will pay $11.25 a share in cash for the hotel chain in a deal valued at $3.4 billion including debt assumption. The deal gives shareholders in Dallas-based La Quinta a 37% premium to Tuesday's closing price.
Closing is expected in the first quarter and isn't subject to any financing contingencies. On Wednesday, La Quinta rose 32%. ...
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