Choice Hotels International is asking shareholders of rival chain Wyndham Hotels & Resorts to sign off an a buyout worth nearly $8 billion after Wyndham broke off negotiations after six months. Choice, based in Rockville, Maryland, is offering $49.50 in cash and 0.324 shares of Choice common stock for each Wyndham share they own.
Choice Hotels International is asking shareholders of rival chain Wyndham Hotels & Resorts to sign off an a buyout worth nearly $8 billion after Wyndham broke off negotiations after six months, the company said Tuesday.
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. Wyndham, based in Parsippany, New Jersey, posted a profit of $355 million last year with revenue of $1.5 billion.
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