Service Properties Trust (SVC) shares fell about 16% on Monday after the firm confirmed it has received an unsolicited proposal from TKO to buy its hospitality portfolio for $2.0 billion in cash.
The company said late Friday it had no prior contact from TKO and will review the proposal.
TKO said earlier Friday the deal would provide Service Properties with the liquidity to support more than 40% debt reduction.
Price: 6.01, Change: -1.15, Percent Change: -16.01
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