Following Wyndham’s termination of negotiations, Choice Hotels International is requesting approval from Wyndham Hotels & Resorts’ shareholders for a proposed $8 billion purchase, the firm announced on Tuesday.
According to Choice CEO Patrick Pacious, “Wyndham and Choice were in a negotiating range on price and consideration a few weeks ago. Both sides have a shared understanding of the value opportunity this possible acquisition represents. “Therefore, Wyndham’s decision to end the engagement surprised and upset us. After Wyndham decided against moving further, we would have preferred to continue our conversations privately, but we believe this deal offers too much benefit to the franchisees, shareholders, associates, and customers of both businesses to give up now.
A request for comment made early on Tuesday went unanswered by Wyndham.
For each Wyndham share that you own, Choice, a company based in Rockville, Maryland, will pay you $49.50 in cash and 0.324 shares of Choice common stock. This is a 20% premium over Wyndham’s most recent closing price.
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