Wyndham rejects $8 billion unsolicited buyout offer after Choice Hotels goes public with its bid

By MICHELLE CHAPMAN
Associated Press

Wyndham says its board is unanimously rejecting Choice Hotels’ unsolicited buyout offer worth nearly $8 billion. Earlier, Choice Hotels International said it was asking shareholders of Wyndham to sign off on the proposed buyout after Wyndham broke off negotiations. Choice was offering $49.50 in cash and 0.324 shares of Choice common stock for each Wyndham share they own. Choice operates about 7,500 hotels and seeks to absorb a much larger chain in Wyndham, which operates nearly 9,300 hotels. Like most hotels, it has benefited from booming travel in recent years.