James Rogers is a Financial Columnist for MarketWatch.
Choice Hotels International Inc. CHH, +1.74% has launched a hostile to acquire Wyndham Hotels & Resorts Inc. WH, +2.36%, sending Wyndham’s stock rising 17.7% in premarket trades Tuesday, while Choice shares fell 5.5%. Choice is offering to purchase Wyndham at a price of $90 per share, payable in a mix of cash and stock. The deal is valued at approximately $7.8 billion on a fully diluted basis and approximately $9.8 billion, with the assumption of Wyndham’s net debt.
Choice is making its latest proposal public following Wyndham’s decision to disengage from further discussions with Choice, the company said in a statement Tuesday, adding that this follows nearly six months of talks. “A few weeks ago, Choice and Wyndham were in a negotiable range on price and consideration, and both parties have a shared recognition of the value opportunity this potential transaction represents,” said Choice CEO Patrick Pacious, in the statement.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Choice Hotels goes public with $7.8B offer for rival Wyndham after talks break downChoice Hotels goes public with $7.8B offer for rival Wyndham after talks break down
Read more »
Great for large rooms: This air purifier is discounted from $200 to $90The Renpho Air Purifier, which can clean the air of rooms as large as 600 square feet, is currently available for a very affordable price of $90 from Walmart.
Read more »
Nervous markets eye Gaza as oil hovers above $90Nervous markets eye Gaza as oil hovers above $90
Read more »
Oil hovers around $90 a barrel as investors monitor Israel-Hamas warWilliam Watts is MarketWatch markets editor. In addition to managing markets coverage, he writes about stocks, bonds, currencies and commodities, including oil. He also writes about global macro issues and trading strategies. During his time at MarketWatch, Watts has served in key roles in the Frankfurt, London, New York and Washington, D.C.
Read more »
Abortion advocates are 'pro-choice' if that choice is abortionPregnancy care centers in California, of which there are 176, are a great thorn in the side of the “pro-choice” state. These centers, most staffed on a volunteer basis by people of faith, give expectant mothers who want to bear their children free help along the way. But California is not pro-choice when it comes to these centers.
Read more »
Today’s deals: $25 Amazon credit, $47 camera drone, $90 Beats Studio Buds, M2 MacBook Air, moreMonday's top tech deals include an Amazon promotion that gets you free credit, foldable camera drones, Beats Studio Buds, and more.
Read more »