: Choice Hotels launches hostile bid to acquire Wyndham Hotels for $90 per share

Choice Hotels International Inc. CHH has launched a hostile to acquire Wyndham Hotels & Resorts Inc. WH, sending Wyndham’s stock rising 17.7% in premarket trades Tuesday, while Choice shares fell 5.5%.  Choice is offering to purchase Wyndham at a price of $90 per share, payable in a mix of cash and stock. The deal is valued at approximately $7.8 billion on a fully diluted basis and approximately $9.8 billion, with the assumption of Wyndham’s net debt. Choice is making its latest proposal public following Wyndham’s decision to disengage from further discussions with Choice, the company said in a statement Tuesday, adding that this follows nearly six months of talks. “A few weeks ago, Choice and Wyndham were in a negotiable range on price and consideration, and both parties have a shared recognition of the value opportunity this potential transaction represents,” said Choice CEO Patrick Pacious, in the statement. “We were therefore surprised and disappointed that Wyndham decided to disengage.”

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