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NATIONAL NEWS

Choice Hotels launches hostile takeover bid for rival Wyndham after being repeatedly rebuffed

Dec 12, 2023, 3:59 AM

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BY ASSOCIATED PRESS


Choice Hotels is launching a hostile takeover offer for Wyndham Hotels & Resorts after repeated attempts to reach a deal with the rival hotel chain were rebuffed.

Choice Hotels said Tuesday that its exchange offer to shareholders of Wyndham remains the same as its last bid, which was $49.50 in cash and 0.324 shares of Choice common stock per Wyndham share. The exchange offer gives Wyndham shareholders the chance to choose to receive all cash, all shares or a combination of the two.

The offer puts the value of the deal at about $8 billion.

The exchange offer is set to expire on March 8, 2024 unless extended or terminated.

Choice said it currently holds about 1.5 million shares of Wyndham Hotels & Resorts Inc. shares valued at more than $110 million.

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Choice Hotels launches hostile takeover bid for rival Wyndham after being repeatedly rebuffed