Wyndham Hotels falls after Choice Hotels ends hostile bid

Choice Hotels International

11/03/2024 11:57

** Shares of U.S. budget hotel operator Wyndham Hotels  WH.N 
drop 1.6% to $72.8 premarket after Choice Hotels International
 CHH.N  ends hostile bid for co
    ** CHH up 3% to $124.70 premarket
    ** Rival CHH fails to gather enough support from target's
shareholders
    ** Also withdraws its nomination of independent director
candidates for election at WH's 2024 annual meeting
    ** News first came in May last year after CHH was looking to
buy WH
    ** The offer became public in Oct when CHH offered to buy WH
in ~$8 bln cash-and-stock deal
    ** CHH launched hostile bid in Dec after WH rejected the
offer repeatedly
    ** WH gained almost 23% since the news was first reported in
May
    ** CHH gained half a percent in 2023, whereas WH was up
about 13%
    ** WH has fallen roughly 5.4% YTD compared with S&P 400
Hotels Restaurants and Leisure sector  .SPMDCHRL  rising 7%

 (Reporting by Pranav Kashyap in Bengaluru)
 ((Pranav.Kashyap@thomsonreuters.com;))