Wyndham Hotels & Resorts rejected a nearly $8 billion hostile takeover bid from rival Choice Hotels on Tuesday due to regulatory concerns. The company announced that its board of directors unanimously rejected the deal to acquire the company at $90 per share in cash and stock. "Choice's offer is underwhelming, highly conditional, and subject to significant business, regulatory and execution risk.
As a result, Choice decided to make its bid public. "We were therefore surprised and disappointed that Wyndham decided to disengage," Pacious said, adding that "while we would have preferred to continue discussions with Wyndham in private, following their unwillingness to proceed, we feel there is too much value for both companies' franchisees, shareholders, associates, and guests to not continue pursuing this transaction.