The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Sonesta International Hotels Corporation
05 November 2011 - 12:46AM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the sale of Sonesta International Hotels
Corporation (“Sonesta” or SNSTA”) (NASDAQ: SNSTA) to Hospitality
Properties Trust for shareholders. Under the proposed acquisition
agreement, Sonesta shareholders will receive $31.00 in cash for
each share of Sonesta stock owned.
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at
Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash
transaction valued at approximately $174 million, including
assumption of debt. The transaction is expected to be completed in
the first quarter of 2012.
“We are investigating the fairness of the proposed transaction
to Sonesta shareholders and whether Sonesta’s Board of Directors
acted in the shareholders’ best interest,” said shareholder rights
attorney Willie Briscoe. In particular, although shareholders
representing approximately 55% of Sonesta’s outstanding shares have
already agreed to tender their shares in favor of the merger,
Sonesta’s shares traded as high as $25.15 per share as recently as
January 2011. Based on these and other factors, the firms are
investigating whether the transaction undervalues Sonesta stock and
whether Sonesta’s board attempted to obtain the highest share price
for all shareholders prior to agreeing to the deal.
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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