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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Chesapeake Lodging Trust (NYSE: CHSP) to Park Hotels & Resorts Inc. (NYSE: PK). Under the terms of the transaction, Chesapeake shareholders will receive $11.00 in cash and 0.628 of a share of Park Hotels & Resorts stock for each Chesapeake share they own; based on the closing price of Park Hotels & Resorts on May 3, 2019, this represents a value of approximately $31.71 per share.
The Chesapeake merger investigation concerns whether the Board of Chesapeake breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Park Hotels & Resorts Inc. is underpaying for Chesapeake shares, thus unlawfully harming Chesapeake shareholders.
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