A lawsuit was filed for investors in shares of Strategic Hotels and Resorts Inc (NYSE:BEE) in connection with the proposed takeover was announced and NYSE:BEE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/15/2015 -- A shareholder in shares of Strategic Hotels and Resorts Inc (NYSE:BEE), filed a lawsuit in effort to halt the proposed takeover of Strategic Hotels and Resorts Inc by affiliates of Blackstone Real Estate Partners VIII L.P..
Investors who purchased shares of Strategic Hotels and Resorts Inc (NYSE:BEE) and currently hold any of those NYSE:BEE shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:BEE stockholders by agreeing to sell Strategic Hotels and Resorts Inc. too cheaply via an unfair process to affiliates of Blackstone Real Estate Partners VIII L.P.
On September 8, 2015, Strategic Hotels and Resorts Inc (NYSE:BEE) announced that it has entered into an agreement with affiliates of Blackstone Real Estate Partners VIII L.P., under which Blackstone will acquire all outstanding shares of common stock of Strategic Hotels and Resorts Inc (NYSE:BEE), for $14.25 per share in cash, and all of the outstanding membership units of the Company's subsidiary, Strategic Hotels Funding L.L.C., not held by the Company, for $14.25 per unit in cash.
However, the plaintiff claims that the proposed consideration NYSE:BEE shareholders will receive is grossly inadequate and undervalues Strategic Hotels and Resorts Inc. Indeed, at least one analyst has set the high target price for NYSE:BEE shares at $17.00 per share and NYSE:BE shares traded in the open market as recently as August 18, 2015 as high as $14.48 per share. Furthermore, Strategic Hotels and Resorts Inc reported that its annual Total Revenue rose from $736.97 million in 2012 to over $1.08 million in 2014 and that its Net Loss of $55.31 million in 2012 turned into a Net Income of $344.48 million in 2014. Shares of Strategic Hotels and Resorts Inc (NYSE:BEE) grew from $8.11 per share in August 2013 to as high as $14.48 per share in August 2015. In addition, the plaintiff claims that the process is also unfair to NYSE:BEE stockholders.
On October 14, 2015, NYSE:BEE shares closed at $13.99 per share.
Those who are current investors in Strategic Hotels and Resorts Inc 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