An investigation on behalf of investors of La Quinta Holdings Inc (NYSE:LQ) in connection with the proposed takeover was announced and NYSE:LQ stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/13/2018 -- The takeover of La Quinta Holdings Inc is under investigation over possible wrongdoing. The investigation was announced on behalf of investors, who currently hold NYSE:LQ shares, over whether the takeover of La Quinta Holdings Inc by Wyndham Worldwide Corporation is unfair.
Investors who purchased shares of La Quinta Holdings Inc (NYSE:LQ) and currently hold any of those NYSE:LQ shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain directors of La Quinta Holdings Inc breached their fiduciary duties owed to NYSE:LQ investors in connection with the proposed acquisition.
On January 18, 2018, Wyndham Worldwide Corporation (NYSE: WYN) and La Quinta Holdings Inc. (NYSE: LQ) announced that they have entered into an agreement under which Wyndham Worldwide will acquire La Quinta's hotel franchise and hotel management businesses for $1.95 billion in cash. Under the terms of the agreement, stockholders of La Quinta will receive $8.40 per share in cash (approximately $1.0 billion in aggregate), and Wyndham Worldwide will repay approximately $715 million of La Quinta debt net of cash and set aside a reserve of $240 million for estimated taxes expected to be incurred in connection with the taxable spin-off of La Quinta's owned real estate assets into CorePoint Lodging Inc.
However, given that at least one analyst has set the high target price for NYSE: LQ shares at $23.00 per share, the investigation concerns whether the offer is unfair to La Quinta Holdings Inc (NYSE:LQ stockholders. More specifically, the investigation concerns whether the La Quinta Holdings Inc (NYSE:LQ Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
On February 12, 2018, La Quinta Holdings Inc (NYSE:LQ) shares closed at $18.66 per share.
Those who are current investors in La Quinta Holdings Inc (NYSE:LQ) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com