Braemar and Blackwells Come to an Agreement
Skift Take
Braemar Hotels and Blackwells Capital have reached an agreement ending their proxy battle, with Blackwells withdrawing nominations, supporting BHR proposals, buying more shares, and BHR adding an independent director with Blackwells' input.
The DJIA fell 24 points on a holiday shortened session. Nasdaq was up 160, the S&P 500 was up 28 points and the 10 year treasury yield was dropping .09 to 4.35%. Lodging stocks were modestly higher. AHT was up 10%, getting the rally BHR probably should have had on the Blackwells news. SOND was down -5%. On the day.
In a surprise move, Braemar Hotels and Blackwells Capital have buried the hatchet, coming to an agreement that will end the proxy battle. BHR announced a cooperation agreement between the two where Blackwells will withdraw its direction nomination notice and proposals and vote in favor of all BHR directors and proposals at the 2024 Annual Meeting of Stockholders. Agreements were also reached to release all legal claims. Blackwells also committed to purchase 3.5 million more shares of BHR in the open market, finance
