WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:
- Do you own shares of La Quinta Holdings Inc. (NYSE: LQ)?
- Did you purchase any of your shares prior to January 18, 2018?
- Do you think the proposed acquisition is fair?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of La Quinta Holdings Inc. (“La Quinta” or the “Company”) (NYSE: LQ) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to have its hotel franchise and hotel management businesses acquired by Wyndham Worldwide Corporation (“Wyndham”) (NYSE: WYN). Under the terms of the agreement, stockholders of La Quinta will receive $8.40 per share in cash (approximately $1.0 billion in aggregate), and Wyndham will repay approximately $715 million of La Quinta debt net of cash and set aside a reserve of $240 million for estimated taxes expected to be incurred in connection with the taxable spin-off of La Quinta’s owned real estate assets into CorePoint Lodging Inc. Immediately prior to the sale of La Quinta to Wyndham, La Quinta will spin off its owned real estate assets into a publicly-traded real estate investment trust, CorePoint Lodging.
If you own common stock of La Quinta and purchased any shares before January 18, 2018, if you would like to learn more about this investigation, or if you have any questions concerning this announcement or your rights or interests, please contact Seth D. Rigrodsky or Gina M. Serra at Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803, by telephone at (888) 969-4242, or by e-mail at firstname.lastname@example.org.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities fraud, shareholder corporate, and shareholder derivative litigation on behalf of shareholders in state and federal courts throughout the United States.
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