Wyndham Hotels gains as Choice Hotels launches hostile takeover bid

Choice Hotels International

12/12/2023 12:07

** Shares of hotel franchising company Wyndham Hotels &
Resorts  WH.N  gain 2.3% to $80.99 premarket 
    ** Choice Hotels  CHH.N  on Tuesday launched an exchange
offer to acquire all outstanding shares of Wyndham Hotels &
Resorts after it failed to strike a friendly deal
    ** CHH on Oct. 17 went public with a proposal to acquire WH
in a cash-and-stock deal valued at about $7.8 bln 
    ** The budget hotel operator also intends to nominate
candidates to the board of the takeover-target WH    
    ** Offer is unchanged from CHH's previous proposal of $49.50
in cash and 0.324 Choice share for each Wyndham share
    ** CHH discloses that it holds about 1.5 mln shares of WH
common stock, worth over $110 mln
    ** WH shares up 11.6% YTD as of last close 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))