Finkelstein Thompson Announces Investigation of Interstate
DECEMBER 21, 2009 - Finkelstein Thompson LLP is investigating potential claims on behalf of shareholders of Interstate Hotels & Resorts Inc. (NYSE: IHR) arising from the Company's announcement of its intent to be acquired by Hotel Acquisition Co. LLC.
On December 8, 2009, IHR announced its plan to be acquired by Hotel Acquisition, a joint venture between Thayer Lodging Group and Shanghai Jin Jiang International Hotels, in a deal valued at approximately $307 million. Under the terms of the merger agreement, IHR shareholders will receive $2.25 in cash for every share of Company stock they own, despite the fact that the Company currently has a book value of approximately $4.49 per share.
The investigation is focused on the potential unfairness of the consideration to be paid to IHR shareholders as well as the potential unfairness of the process by which the IHR Board of Directors is addressing the transaction.
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