{"id":406778,"date":"2020-12-30T21:02:15","date_gmt":"2020-12-31T02:02:15","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=406778"},"modified":"2020-12-30T21:02:15","modified_gmt":"2020-12-31T02:02:15","slug":"rlh-corporation-announces-agreement-to-be-acquired-by-sonesta-international-hotels-for-3-50-per-share-in-cash-transaction-valued-at-approximately-90-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/rlh-corporation-announces-agreement-to-be-acquired-by-sonesta-international-hotels-for-3-50-per-share-in-cash-transaction-valued-at-approximately-90-million\/","title":{"rendered":"RLH Corporation Announces Agreement to be Acquired by Sonesta International Hotels for $3.50 Per Share in Cash; Transaction Valued at Approximately $90 Million"},"content":{"rendered":"
\n

DENVER, Dec. 30, 2020 (GLOBE NEWSWIRE) — RLH Corporation (NYSE: RLH) (\u201cRLH\u201d or \u201cRed Lion\u201d), the 10th-largest US-based hotel franchise company serving a large segment of American consumers, today announced that it has entered into a definitive merger agreement (\u201cMerger Agreement\u201d or \u201cagreement\u201d) with Sonesta International Hotels Corporation (\u201cSonesta\u201d) under which RLH will be acquired by Sonesta in an all-cash transaction valued at approximately $90 million. The agreement has been unanimously approved by the RLH Board of Directors.<\/p>\n

Under the terms of the Merger Agreement, holders of RLH\u2019s common stock will receive $3.50 per share in cash. This represents an 88% premium over the November 4, 2020, closing share price, the last trading date before Red Lion most recently provided an update on its strategic alternatives, and a 30% premium over today\u2019s closing price prior to the transaction being announced.<\/p>\n

\u201cWe are excited about unlocking shareholder value through this all-cash transaction with Sonesta,\u201d said R. Carter Pate, Chairman of RLH. \u201cAfter conducting a thorough review of strategic alternatives, the Board believes today\u2019s announcement is in the best interest of all of Red Lion\u2019s shareholders.\u201d<\/p>\n

The transaction, which is currently expected to close in the first half of 2021, is subject to customary closing conditions, including the approval of RLH\u2019s shareholders, who will vote on the transaction at a special meeting on a date to be announced. The transaction is not contingent on receipt of financing by Sonesta. Upon completion of the transaction, RLH will become a privately-held company, and its common stock will no longer be listed on the NYSE.<\/p>\n

\n Advisors<\/strong>\n <\/p>\n

Jefferies LLC is serving as lead financial advisor and CS Capital Advisors, LLC is serving as financial advisor to Red Lion. Gibson, Dunn & Crutcher LLP and Fox Rothschild LLP are serving as legal counsel to Red Lion.\u00a0<\/p>\n

\n About RLH Corporation<\/strong>\n <\/p>\n

RLH Corporation is an innovative hotel company focused on the franchising of 8 brands \u2013 Hotel RL, Red Lion Hotels, Red Lion Inn & Suites, Signature Inn, GuestHouse Extended Stay, Americas Best Value Inn, Canadas Best Value Inn and Knights Inn. RLH maximizes return on invested capital for hotel owners across North America through relevant brands, industry-leading technology, and forward-thinking services. For more information, please visit the company\u2019s website at\u00a0www.rlhco.com<\/a>.<\/p>\n

\n Note on Forward-Looking Statements <\/strong>\n <\/p>\n

This communication contains forward-looking statements including, but not limited to, statements regarding the proposed merger with Sonesta, including statements relating to satisfaction of the conditions to and consummation of the proposed transaction, the expected goals and benefits of the transaction, and the future leadership of RLH. Forward-looking statements are usually identified by the use of words such as \u201cbelieves,\u201d \u201canticipates,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cmay,\u201d \u201cpotential,\u201d \u201cwill,\u201d \u201ccould\u201d and similar expressions. Actual results may differ materially from those indicated by forward-looking statements as a result of various important factors and risks, including, but not limited to, the continuing impact of the COVID-19 pandemic on RLH\u2019s financial condition and results of operations. Additional factors, risks and uncertainties that could cause or contribute to such differences include, but are not limited to, the following: the ability of the parties to satisfy the conditions precedent and consummate the proposed transaction; the timing of consummation of the proposed merger; the ability of RLH to secure shareholder approval in the anticipated timeframe or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; risks related to disruption of management\u2019s attention from ongoing business operations due to the pending transaction; potential adverse reactions or changes to employee or business relationships resulting from the announcement or completion of the proposed merger; the risk of litigation or legal proceedings related to the proposed transaction; unexpected costs, charges or expenses resulting from the proposed transaction; and other factors discussed in the \u201cRisk Factors\u201d section of RLH\u2019s most recent Annual Report on Form 10-K, and RLH\u2019s subsequent Quarterly Reports on Form 10-Q and in other filings RLH makes with the Securities and Exchange Commission (the \u201cSEC\u201d) from time to time. All information provided in this release is as of the date hereof and RLH undertakes no duty to update this information except as required by law.<\/p>\n

\n Additional Information about the Merger and Where You Can Find It<\/strong>\n <\/p>\n

In connection with the proposed transaction, RLH will prepare and file relevant documents with the SEC, including a proxy statement on Schedule 14A to be mailed to the RLH shareholders in connection with RLH\u2019s submission of the transaction for the consideration by the RLH shareholders at a special meeting. This communication is not intended to be, and is not, a substitute for the proxy statement or any other document that RLH may file with the SEC in connection with the proposed transaction. RLH SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. The proxy statement and other relevant materials (when they become available) and any other documents filed or furnished by RLH with the SEC may be obtained free of charge at the SEC\u2019s website at\u00a0www.sec.gov<\/a>. In addition, copies of the proxy statement and other relevant materials and documents filed by RLH with the SEC will also be available free of charge on the Investor Relations page of RLH\u2019s website located at https:\/\/ir.redlion.com\/investor-relations<\/a>.<\/p>\n

\n Participants in the Solicitation of RLH Shareholders<\/strong>\n <\/p>\n

RLH, its directors and certain of its officers and employees, may be deemed to be participants in the solicitation of proxies from RLH shareholders in connection with the proposed transaction. Information about RLH\u2019s directors and executive officers is set forth in its Annual Report on Form\u00a010-K\u00a0for the year ended December\u00a031, 2019, which was filed with the SEC on February\u00a027, 2020, and in its definitive proxy statement for its 2020 annual meeting of shareholders filed with the SEC on April\u00a06, 2020. To the extent the holdings of the RLH securities by the RLH directors and executive officers have changed since the amounts set forth in the proxy statement for its 2020 annual meeting of shareholders, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. These documents may be obtained free of charge at the SEC\u2019s web site at www.sec.gov and on the Investor Relations page of Red Lion\u2019s website located at https:\/\/ir.redlion.com\/investor-relations<\/a>. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement and other relevant materials RLH may file with the SEC.<\/p>\n

\n Contacts:<\/strong>\n <\/p>\n

\n Social Media:<\/strong>\u00a0
www.Facebook.com\/myhellorewards<\/a>
www.Twitter.com\/myhellorewards<\/a>
www.Instagram.com\/myhellorewards<\/a>
www.Linkedin.com\/company\/rlhco<\/a><\/p>\n

\n Media:<\/strong>
\n
FINN Partners
212-561-6454
rlhcorp@finnpartners.com<\/a><\/p>\n

\n Investor Relations:<\/strong>
\n
Gary Kohn\u00a0
Chief Financial Officer
303-459-4268\u00a0
investorrelations@rlhco.com<\/a><\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

DENVER, Dec. 30, 2020 (GLOBE NEWSWIRE) — RLH Corporation (NYSE: RLH) (\u201cRLH\u201d or \u201cRed Lion\u201d), the 10th-largest US-based hotel franchise company serving a large segment of American consumers, today announced that it has entered into a definitive merger agreement (\u201cMerger Agreement\u201d or \u201cagreement\u201d) with Sonesta International Hotels Corporation (\u201cSonesta\u201d) under which RLH will be acquired by Sonesta in an all-cash transaction valued at approximately $90 million. The agreement has been unanimously approved by the RLH Board of Directors. Under the terms of the Merger Agreement, holders of RLH\u2019s common stock will receive $3.50 per share in cash. This represents an 88% premium over the November 4, 2020, closing share price, the last trading date before Red Lion most recently provided … <\/p>\n

Continue reading “RLH Corporation Announces Agreement to be Acquired by Sonesta International Hotels for $3.50 Per Share in Cash; Transaction Valued at Approximately $90 Million”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-406778","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nRLH Corporation Announces Agreement to be Acquired by Sonesta International Hotels for $3.50 Per Share in Cash; Transaction Valued at Approximately $90 Million - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/rlh-corporation-announces-agreement-to-be-acquired-by-sonesta-international-hotels-for-3-50-per-share-in-cash-transaction-valued-at-approximately-90-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RLH Corporation Announces Agreement to be Acquired by Sonesta International Hotels for $3.50 Per Share in Cash; Transaction Valued at Approximately $90 Million - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"DENVER, Dec. 30, 2020 (GLOBE NEWSWIRE) — RLH Corporation (NYSE: RLH) (\u201cRLH\u201d or \u201cRed Lion\u201d), the 10th-largest US-based hotel franchise company serving a large segment of American consumers, today announced that it has entered into a definitive merger agreement (\u201cMerger Agreement\u201d or \u201cagreement\u201d) with Sonesta International Hotels Corporation (\u201cSonesta\u201d) under which RLH will be acquired by Sonesta in an all-cash transaction valued at approximately $90 million. 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