Choice Hotels offered to buy rival Wyndham Hotels and Resorts for $7.8 in a hostile takeover bid just weeks after Wyndham left the negotiating table. The offering to acquire Wyndham – which encompasses 24 brands including Super8, Travelodge and Days Inn – is equal to $90 per share in cash and stock, the company said on Tuesday. In total, the proposal has a total value of roughly $7.8 billion. Including Wyndham's debt, the deal is valued at $9.8 billion.
Choice Hotels CEO Patrick Pacious said in a statement that both companies were working on a deal to combine the affordable hotel companies for nearly six months before Wyndham cut off talks a "few weeks ago." As a result, Choice decided to make its bid public.
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