CPLG - CorePoint Lodging to be acquired by affiliates of Highgate Cerberus for $1.5B

CorePoint Lodging (NYSE:CPLG) has agreed to be acquired through a joint venture between affiliates of Highgate and Cerberus Capital Management in an ~$1.5B all-cash transaction (based on the $15.65/share consideration). Pursuant to the merger deal, Highgate and Cerberus will buy all outstanding shares of CorePoint common stock. The price represents a premium of ~42% to CorePoint's closing share price on July 13, 2021. CorePoint stockholders may also receive incremental cash consideration per share pending timely resolution of the previously-disclosed tax proceedings with the IRS related to an ongoing audit of CorePoint entities that began prior to the company’s 2018 spin-off from La Quinta Holdings. The amount of any such additional consideration will likely be ~$0.10 per share. The transaction is expected to close in 1Q22. Additionally, the firm has entered into a definitive agreement with Wyndham Hotels & Resorts (NYSE:WH) concerning the termination of all remaining Wyndham hotel management agreements

For further details see:

CorePoint Lodging to be acquired by affiliates of Highgate, Cerberus for $1.5B