SAN DIEGO, May 6, 2019 /PRNewswire/ -- Shareholder rights
law firm Johnson Fistel, LLP has launched an investigation into
whether the board members of Chesapeake Lodging Trust (NYSE: CHSP)
("Chesapeake") breached their fiduciary duties in connection with
the proposed sale of the Company to Park Hotels & Resorts
Inc. (NYSE: PK) ("Park").
On May 6, 2019, Chesapeake
announced that it had signed a definitive merger agreement with
Park. Under the terms of the deal, Chesapeake shareholders will
receive $11 in cash and 0.628 of Park
share for each Chesapeake share owned. The exchange ratio is equal
to $31 per Chesapeake share.
The investigation concerns whether the Chesapeake board failed
to satisfy its duties to the Company shareholders, including
whether the board adequately pursued alternatives to the
acquisition and whether the board obtained the best price possible
for Chesapeake shares of common stock. Nationally recognized
Johnson Fistel is investigating
whether the proposed deal represents adequate consideration;
especially given that one Wall Street analyst has a $36.00 price target on the stock. The 52-week
high for Chesapeake was $33.81.
If you are a shareholder of Chesapeake and believe the
proposed buyout price is too low or you're interested in learning
more about the investigation or your legal rights and remedies,
please contact lead analyst Jim
Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing,
please include a phone number.
Additionally, you can [Click here to join this action].
There is no cost or obligation to you.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York, and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
https://www.johnsonfistel.com. Attorney advertising. Past results
do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP