Sotherly Hotels Inc. Set to Be Acquired by Joint Venture Supported by Kemmons Wilson Hospitality Partners and Ascendant Capital Partners
Merger Announcement: Sotherly Hotels Inc. has entered into a definitive merger agreement with a joint venture led by Kemmons Wilson Hospitality Partners, which will acquire all outstanding shares of Sotherly common stock for $2.25 per share in cash, representing a significant premium over recent share prices.
Board Approval: The merger has been unanimously approved by Sotherly's board of directors following a recommendation from a special committee of independent directors, emphasizing the transaction's value for stockholders.
Future Prospects: Sotherly's leadership expressed confidence that the merger will enhance the company's portfolio and operational success, with the joint venture bringing additional resources and expertise to the hotels.
Closing Timeline: The merger is expected to close in the first quarter of 2026, pending stockholder approval and customary closing conditions, with Sotherly not hosting a conference call for its recent financial results due to the merger announcement.
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Halper Sadeh LLC Urges QRVO, SOHO, and AWK Shareholders to Reach Out to the Firm Regarding Their Rights
Investigation of Companies: Halper Sadeh LLC is investigating Qorvo, Inc., Sotherly Hotels Inc., and American Water Works Company, Inc. for potential violations of federal securities laws and breaches of fiduciary duties to shareholders related to their recent transactions.
Details of Transactions: Qorvo is being sold to Skyworks Solutions for $32.50 in cash and shares, Sotherly Hotels is being sold to KW Kingfisher for $2.25 per share, and American Water is merging with Essential Utilities, with shareholders owning approximately 69% of the new entity.
Legal Rights for Shareholders: Shareholders of the involved companies are encouraged to contact Halper Sadeh LLC to discuss their legal rights and options, with the firm offering services on a contingent fee basis.
Firm's Background: Halper Sadeh LLC represents global investors affected by securities fraud and corporate misconduct, having successfully implemented corporate reforms and recovered significant amounts for defrauded investors.
Gold Declines 3%; Carter's Stock Rises Following Q3 Earnings Report
U.S. Stock Market Performance: U.S. stocks saw gains, with the Dow Jones up 0.51%, NASDAQ rising 1.68%, and S&P 500 increasing by 1.01% on Monday.
Carter's Inc Earnings Report: Carter's Inc shares rose 5% after reporting third-quarter earnings of 74 cents per share, slightly above analyst expectations, but sales fell short of estimates.
Significant Stock Movements: Sotherly Hotels Inc shares surged 137% following an acquisition announcement, while Intellia Therapeutics and Organon & Co saw significant declines of 43% and 20%, respectively.
Global Market Trends: European and Asian markets closed higher, with notable gains in Japan's Nikkei 225 and Spain's IBEX 35, while commodities like oil and gold experienced slight fluctuations.
