Choice Hotels Launches Exchange Offer To Acquire Wyndham Hotels & Resorts
(RTTNews) - Choice Hotels International, Inc. (CHH) announced Tuesday that it is commencing an exchange offer to acquire Wyndham Hotels & Resorts, Inc. (WH) in order to present its compelling proposal directly to Wyndham shareholders.
Choice continues to believe that a transaction with Wyndham is pro-competitive and would generate value for both Wyndham and Choice shareholders as well as deliver significant benefits to franchisees, guests and associates of both companies.
Choice also announced that it currently holds approximately 1.5 million shares of Wyndham common stock, valued in excess of $110 million and today is filing the Hart-Scott-Rodino notification in order to begin the required regulatory review.
The exchange offer maintains the previously proposed offer to Wyndham, comprised of $49.50 in cash and 0.324 shares of Choice common stock per Wyndham share, representing a value of $40.50 based on Choice's trading price as of October 16, 2023, the day prior to Choice's first public offer.
Choice made a proposal privately to Wyndham on November 14, 2023, comprised of $49.50 in cash and 0.324 shares of Choice common stock per share of Wyndham stock, and offered Wyndham two seats on the combined company's board. Wyndham publicly rejected the proposed terms on November 21, 2023.
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