Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Condor Hospitality Trust, Inc. (“Condor” or the “Company”) (NYSE: CDOR) to NexPoint Hospitality Trust (“NexPoint”). Under the terms of the deal, NexPoint’s operating partnership, NHT Operating Partnership, LLC, will acquire all of the outstanding equity interests of Condor and its operating partnership by merger. In the merger, Condor shareholders will receive $11.10 per share of Condor they own.
The Condor merger investigation concerns whether the Board of Condor breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether NexPoint is underpaying for Condor shares, thus unlawfully harming Condor shareholders.
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