After Park Hotels & Resorts first announced its intentions to buy Chesapeake Lodging Trust in May, Chesapeake officials announced that a majority of their shareholders approved the deal. The sale will close on 18 September.
ARLINGTON, Va. -- September 10, 2019 -- Chesapeake Lodging Trust (CHSP) (the “Trust”) announced today that its shareholders approved the proposed merger of the Trust with and into a subsidiary of Park Hotels & Resorts Inc. (PK) (“Park”) pursuant to the previously announced Agreement and Plan of Merger, dated as of May 5, 2019 (the “Merger Agreement”), by and among Park, PK Domestic Property LLC (“PK Domestic”), an indirect subsidiary of Park, PK Domestic Sub LLC, a wholly-owned subsidiary of PK Domestic (Park, PK Domestic and PK Domestic Sub LLC collectively, the “Park Parties”), and the Trust, as it may be amended from time to time (the “Merger”), on the terms and subject to the conditions set forth in the Merger Agreement.
At the special meeting of the Trust’s shareholders, approximately 88% of the outstanding shares of the Trust’s common shares of beneficial interest were voted, with approximately 99% of the votes cast in favor of the Merger.
The Merger is expected to close on or about September 18, 2019, subject to the satisfaction or waiver of all closing conditions related to the transaction. Upon completion of the transaction, each issued and outstanding common share of beneficial interest of the Trust will be converted into the right to receive 0.628 of a share of Park common stock and $11.00 in cash. Park common stock will continue to trade on the New York Stock Exchange following the Merger under the symbol “PK.”
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