Ashford Hospitality Trust, Inc. (NYSE:AHT) made a proposal to acquire remaining 95.5% stake in FelCor Lodging Trust Incorporated from Land and Buildings Investment Management, LLC and other shareholders for $1.2 billion on February 21, 2017. Under the terms of the transaction, Ashford Hospitality Trust will acquire remaining 95.5% of the outstanding shares of common stock of FelCor Lodging Trust Incorporated for $9.27 per share comprised of a fixed exchange ratio of 1.192 shares of Ashford Trust, 0.003 shares of Ashford, Inc. (AMEX:AINC) and 0.001 warrants to purchase Ashford Inc. shares in exchange for each share of FelCor. Felcor will have approximately 58% ownership in the combined company, approximately 20% ownership in Ashford Inc. and 0.1 million warrants to purchase shares with a strike price of $100 per share and an expiration date that is five years from the transaction closing date. Land and Buildings Investment Management, LLC owns 6.1% in FelCor. The combined company will be led by Ashford management team. Three FelCor Directors will have the opportunity to join the Board of Ashford Hospitality Trust and one FelCor director will have the opportunity to join the board of Ashford Inc. Ashford Trust has nominated a slate of independent directors including Marvin Banks, Keith O. Cowan, Jeffrey N. Lavine, Christos Megalou, John Mark Ramsey, Gregory Z. Rush and Daniel E. Schmerin. The transaction is subject to completion of a due diligence review and negotiation and execution of definitive transaction agreements. Land and Buildings considers that the offer is inadequate. As of February 21, 2017, Ashford Inc. announced that it supports the non-binding proposal of Ashford Hospitality Trust. The Board of Directors of Ashford has authorized Ashford to participate in the transaction on the terms outlined in Ashford Trust’s letter to FelCor. Ashford Trust believes that the proposal will be accretive to both sets of shareholders. Lex Suvanto and Kara Brickman of Edelman acted as public relations advisors in the transaction. Paul Schulman and Bob Marese of MacKenzie Partners, Inc. acted as investor relations advisors in the transaction. Jack Vissicchio and Ben Lett of Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as the financial advisor to FelCor Lodging Trust Incorporated. Michael Gordon, Scott Freeman and Gabriel Saltarelli of Sidley Austin LLP, Lizanne Thomas of Jones Day and Robert Dockery of Polsinelli PC acted as the legal advisors to FelCor Lodging Trust Incorporated. Alan Felder, Asad Kazim and Joon Lee of UBS acted as financial advisor for Ashford Trust. Braden McCurrach, Jason Halper, Richard Brand and Bill Mills of Cadwalader, Wickersham & Taft LLP acted as legal advisors for Ashford Trust. J.W. Thompson "Topper" Webb and Scott Wilson of Miles & Stockbridge LLP acted as legal advisor for FelCor. Ashford Hospitality Trust, Inc. (NYSE:AHT) cancelled the acquisition of remaining 95.5% stake in FelCor Lodging Trust Incorporated from Land and Buildings Investment Management, LLC and other shareholders on April 23, 2017.