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 firstname.lastname@example.org, 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.