Chatham Trustees Turn Down $565M PE Buyout Bid

Law360, New York (November 13, 2013, 1:15 PM EST) -- The board of trustees for Chatham Lodging Trust on Wednesday rejected a takeover offer from private equity-backed BlueMountain Capital Management LLC, which valued the hotel investor's outstanding shares at about $565.4 million, saying the bid had too many conditions and undervalued the company.

In a unanimous vote, the board turned down the $21.50 per share bid that BlueMountain offered earlier this month. The board said it plans to stick to previously announced strategic plans for the lodging-focused real estate investment trust and put in place new...
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