Wyndham says its board is unanimously rejecting Choice Hotels' unsolicited buyout offer worth nearly $8 billion.
Wyndham Hotels & Resorts rejected an unsolicited $8 billion buyout offer from Choice Hotels, a smaller chain that sent a letter to Wyndham shareholders Tuesday after negotiations broke down.
Holmes said Wyndham has engaged with Choice and its advisors multiple times to explore the risks of a potential deal, but realized that it would likely take more than a year to determine if, and on what terms, the proposed transaction could clear antitrust review. Choice, based in Rockville, Maryland, is offering $49.50 in cash and 0.324 shares of Choice common stock for each Wyndham share they own, a 20% premium to Wyndham's last closing price.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.
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