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Braemar settles proxy dispute with Al Shams for $25M, resolving director nomination notice
BHRBraemar Hotels & Resorts Inc.
Braemar Hotels & Resorts Inc. entered into a Cooperation and Settlement Agreement with activist investor Al Shams Investments Limited and Wafic Rida Said to resolve ongoing disputes, including securities law claims and allegations of defamation. As part of the settlement, Al Shams withdrew its notice nominating director candidates for the upcoming annual meeting and agreed to standstill restrictions and voting commitments. Braemar will pay $25 million plus expenses, with an expected net contribution of $4 million to $6 million after insurance proceeds and a 50% cost-sharing arrangement with Ashford Hospitality Trust. The agreement also grants Al Shams consultation rights regarding one additional director seat, though the board retains final selection discretion. Braemar Hotels & Resorts Inc. is a real estate investment trust that owns and operates luxury hotels.