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.Earlier Tuesday, Choice Hotels International asked g Wyndham shareholders to sign off on the proposed deal after six months of negotiations between the two broke down.
The deal has a total value of about $7.8 billion. When including debt, it's valued at approximately $9.8 billion. It bumped the offer to $85 per share, then to $90 per share as the board chairs and CEOs of each company met. But, according to Choice, Wyndham voiced concerns about regulatory approval in September and also the value of Choice stock.
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