Choice Hotels is abandoning its hostile $8 billion takeover bid for Wyndham Hotels & ResortsFILE - A Wyndham Garden hotel is seen, Oct. 17, 2023, in New York. Choice Hotels said Monday, March 11, 2024, that it is abandoning its approximately $8 billion hostile takeover offer for Wyndham Hotels & Resorts. Choice Hotels is abandoning its hostile $8 billion takeover bid for Wyndham Hotels & Resorts.
Choice's exchange offer expired on Friday. The company also said Monday that it was withdrawing its slate of director nominees for Wyndham's board. “The Wyndham board is pleased that Choice has ended its hostile pursuit and proxy contest, following the expiration of its unsolicited exchange offer,” Wyndham Chairman Stephen Holmes said in a news release. “We are confident in Wyndham’s standalone strategy and growth prospects under the leadership of our proven management team. The Board remains committed to acting in the best interests of our shareholders and driving superior long-term value creation.
Holmes also said in October that Choice’s bid was “subject to significant business, regulatory and execution risk,” and that Choice had been unable to address Wyndham’s concerns.
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