IRVING, Texas, April 26, 2018 (GLOBE NEWSWIRE) -- At a special meeting today, stockholders of La Quinta Holdings Inc. (NYSE:LQ) approved the adoption of the Agreement and Plan of Merger, dated as of January 17, 2018, as it may be amended from time to time, by and among Wyndham Worldwide Corporation, WHG BB Sub, Inc. (“Merger Sub”) and La Quinta. Subject to the terms and conditions of the Merger Agreement, Merger Sub, a direct wholly-owned subsidiary of Wyndham, will be merged with and into La Quinta with La Quinta surviving the merger as a wholly-owned subsidiary of Wyndham. At the special meeting today, stockholders of La Quinta also approved amendments to La Quinta’s amended and restated certificate of incorporation to effect a reverse stock split at a ratio of 1-for-2 and to change the par value of the La Quinta common stock in connection with the reverse stock split from $0.01 per share to $0.02 per share.
The parties are actively working towards closing, and the transaction remains on track to close in the second quarter of 2018. In addition to La Quinta stockholder approval, the completion of the merger is subject to other customary closing conditions, including completion of the previously announced spin-off of CorePoint Lodging Inc. Upon the closing of the merger, the Company’s stockholders will have the right to receive $8.40 in cash prior to giving effect to the reverse stock split (or $16.80 in cash per share after giving effect to the reverse stock split), without interest (the “Merger Consideration”), for each share of common stock of La Quinta that they own immediately prior to the effective time of the merger. The Merger Consideration is in addition to the shares of CorePoint Lodging Inc. that our stockholders will receive in the spin-off of CorePoint Lodging Inc.
About La Quinta Holdings Inc.
La Quinta Holdings Inc. (LQ) is a leading owner, operator and franchisor of select-service hotels primarily serving the upper-midscale and midscale segments. The Company’s owned and franchised portfolio consists of approximately 900 properties representing over 87,500 rooms located in 48 states in the U.S., and in Canada, Mexico, Honduras and Colombia. These properties operate under the La Quinta Inn & Suites®, La Quinta Inn® and LQ Hotel® brands. La Quinta’s team is committed to providing guests with a refreshing and engaging experience. For more information, please visit: www.LQ.com.
