Choice Hotels launches hostile takeover bid for rival Wyndham after being repeatedly rebuffed
Choice Hotels is launching a hostile takeover offer for Wyndham Hotels & Resorts after attempts to reach a deal with the hotel chain were rebuffed. Choice Hotels said Tuesday that its exchange offer remains the same as its last bid, which was $49.50 in cash and 0.324 shares of Choice common stock per Wyndham share. The exchange offer gives Wyndham shareholders the chance to choose to receive all cash, all shares or a combination of the two. The offer puts the value of the deal at about $8 billion.