Big Law

Choice Hotels Goes Hostile in $8 Billion Takeover Bid for Wyndham Hotels & Resorts

Choice Hotels is launching a hostile takeover offer for Wyndham Hotels & Resorts after repeated attempts to reach a deal with the rival hotel chain were rebuffed.

Choice Hotels said Tuesday that its exchange offer to shareholders of Wyndham, which runs Days Inn, La Quinta, Ramada and a host of other brands, is the same as its last bid to company management, 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 for Wyndham, the larger of the two chains, at about $8 billion.

Read more at AP News

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