Law Offices of Howard G. Smith Announce an Investigation on Behalf of Interstate Hotels Shareholders
January 14, 2010 - The Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Interstate Hotels & Resorts (NYSE:IHR) related to the Company's agreement to be acquired by Hotel Acquisition Company, LLC - a 50/50 joint venture between subsidiaries of Thayer Hotel Investors V-A LP, a private equity fund sponsored by Thayer Lodging Group, and Shanghai Jin Jiang International Hotels (Group) Company Limited - in a cash transaction valued at approximately $307 million.
Under the terms of the definitive merger agreement entered into by the parties, Hotel Acquisition Company, LLC would acquire all of the outstanding common stock and operating partnership units of Interstate Hotels & Resorts for $2.25 per share. The merger is expected to close in the first quarter of 2010. The investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the merger agreement by the Interstate Hotels & Resorts board of directors.
If you own shares of Interstate Hotels & Resorts, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847.
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