Chatham Lodging, Activist Strike Deal To Avoid Proxy Fight

Law360, New York (March 17, 2014, 3:27 PM EDT) -- Florida-based hotel real estate investment trust Chatham Lodging Trust and activist investor HG Vora Capital Management LLC have reached a deal to avoid a potential proxy fight, with HG Vora agreeing to withdraw its three nominees to Chatham’s board, the REIT said Monday.

Under the agreement, New York-based HG Vora, which owns a 4.8 percent stake in Chatham, has withdrawn its three nominees for election to Chatham’s board of trustees and agreed to certain customary standstill provisions with respect to the 2014 and 2015 annual meetings...
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