MILWAUKEE, May 6, 2019 /PRNewswire/ -- Ademi & O'Reilly, LLP is investigating the Board of Chesapeake Lodging Trust (NYSE: CHSP) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of CHSP to Park Hotels.
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Ademi & O'Reilly, LLP alleges CHSP financial outlook is improving and yet CHSP shareholders will receive the equivalent of only $31.00 per share. Park Hotels is purchasing CHSP at a substantial discount. The merger agreement unreasonably limits competing bids for CHSP by prohibiting solicitation of further bids, and imposing a termination penalty if CHSP accepts a superior bid. CHSP insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of CHSP's board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for CHSP.
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SOURCE Ademi & O'Reilly, LLP