Choice Hotels has launched a hostile bid to acquire Wyndham Hotels for $90 per share
Choice Hotels International Inc.’s hostile bid for Wyndham Hotels & Restaurants Inc. could result in a potential proxy battle, says Truist Securities.
Choice had first proposed to acquire Wyndham for $80 per share earlier this year. When this was rejected, the hotel chain increased its proposal to $85 per share. In a statement released Tuesday, Choice said that the $90-per-share bid, which comprises 55% cash and 45% Choice stock, is the company’s “best and final offer.”Wyndham subsequently released a statement saying that its board of directors has unanimously rejected Choice’s proposal.
In its statement Tuesday, Choice said it made its latest proposal public following Wyndham’s decision to disengage from further discussions with Choice, adding that this followed nearly six months of talks.On a call with Truist Tuesday, Choice Hotels suggested they wanted “engagement” with Wyndham, according to Scholes. “Should WH decide to not reengage, we/Truist Securities anticipate a potential proxy battle,” he wrote. Truist maintained its hold rating for Choice.
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