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AP-National

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

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Published 10:07 AM

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.

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