Choice Hotels International is asking shareholders of rival chain Wyndham Hotels & Resorts to sign off on a buyout worth nearly $8 billion after Wyndham broke off negotiations.
FILE - The Wyndham Grand hotel is seen in Pittsburgh on March 20, 2017. Choice Hotels International is asking shareholders of rival chain Wyndham Hotels & Resorts to sign off on a buyout worth nearly $8 billion after Wyndham broke off negotiations, the company said Tuesday, Oct. 17, 2023. Choice Hotels International is asking shareholders of rival chain Wyndham Hotels & Resorts to sign off on a buyout worth nearly $8 billion after Wyndham broke off negotiations, the company said Tuesday.
Choice's proposal allows Wyndham shareholders to choose either cash, stock, or a combination of cash and stock. The proposal also includes giving Wyndham two seats on the combined company’s board. Choice first approached Wyndham in April, offering $80.00 per share, with 40% of that cash and 60% Choice stock, but was rejected, Choice said.
Choice operates about 7,500 hotels in 46 countries. It's seeking to absorb a much larger chain in Wyndham, which operates nearly 9,300 hotels under a host of brands including Days Inn, Howard Johnson, La Quinta, Ramada, Super 8 and Travelodge.
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