MILWAUKEE, May 21, 2018 /PRNewswire/ -- Ademi &
O'Reilly, LLP is investigating the Board of Directors of LaSalle
Hotel Properties (NYSE: LHO) for possible breaches of fiduciary
duty and other violations of Maryland law in connection with the sale of
LaSalle to Blackstone.
Click here to learn how to join the action:
http://ademilaw.com/case/lasalle or call Guri Ademi toll-free at 866-264-3995.
There is no cost or obligation to you.
Ademi & O'Reilly, LLP alleges LaSalle's long-term financial
outlook is improving and yet LaSalle shareholders will receive only
$33.50 in cash for each share of
LaSalle common stock they own. Blackstone is well aware of
LaSalle's improving financial metrics and is purchasing LaSalle at
a substantial discount. Indeed, Pebblebrook Hotel Trust has
proposed to purchase LaSalle at a fixed exchange ratio of 0.9200
Pebblebrook common share for each LaSalle common share, with the
option for LaSalle shareholders to elect to receive cash up to a
maximum of 20% in the aggregate, or approximately $35.89, representing a premium of 7.1% over
Blackstone's offer of $33.50.
The merger agreement unreasonably limits competing bids for LaSalle
by (i) prohibiting solicitation of any further bids, and (ii)
imposing a termination penalty should LaSalle receive and accept a
superior bid. LaSalle insiders, their affiliates and other major
shareholders own significant voting stock, and will receive
millions of dollars as part of change of control arrangements, and
therefore can unduly influence a sale of LaSalle. Our investigation
centers on the conduct of LaSalle's Board of Directors, who have
unanimously approved the transaction, and whether they are (i)
fulfilling their fiduciary duties to all shareholders, and (ii)
obtaining a fair and reasonable price for LaSalle given its current
financial condition and prospects.
If you own common stock in LaSalle and wish to obtain additional
information, please contact Guri
Ademi either at gademi@ademilaw.com or toll-free:
866-264-3995, or http://ademilaw.com/case/lasalle.
We specialize in shareholder litigation involving buyouts,
mergers, and individual shareholder rights throughout the country.
For more information, please feel free to call us. Attorney
advertising. Prior results do not guarantee similar outcomes.
Contacts
Ademi & O'Reilly, LLP
Guri Ademi
Toll Free: (866) 264-3995
Fax: (414) 482-8001
View original
content:http://www.prnewswire.com/news-releases/shareholder-alert-ademi--oreilly-llp-investigates-whether-lasalle-hotel-properties-has-obtained-a-fair-price-in-its-sale-to-blackstone-300651821.html
SOURCE Ademi & O'Reilly, LLP