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Choice Hotels International, Inc. (NYSE:CHH) revealed the expiration of the exchange offer to acquire Wyndham Hotels & Resorts, Inc. (NYSE:WH) and also withdrew its nomination of independent director candidates for election at Wyndham’s 2024 Annual Meeting of Stockholders.
Choice said it intends to continue focusing on its standalone strategy. The exchange offer expired on March 8, 2024.
Since beginning this process in April 2023, Choice said it has attempted to engage in good-faith negotiations with Wyndham through numerous different avenues, including increasing the proposed offer multiple times and expressing an openness to further enhancing the offer with due diligence.
Earlier in the day, through a letter to its shareholders, Wyndham Hotels urged its shareholders to support only its eight Director nominees and not those from Choice Hotels.
Justifying its request, Wyndham said it had a clear path to deliver shareholder value substantially in excess of Choice’s uncertain offer. Wyndham said its Board had made it clear that in order to make its proposal viable for shareholders, Choice must adequately address the three key issues Wyndham has raised: insufficient valuation, unattractive consideration mix, and asymmetrical regulatory risk.
Related: Wyndham Hotels Turns Down Another Acquisition Attempt By Choice Hotels
Choice Hotels Stock Buyback: The company further announced that its Board has approved an increase in the number of shares authorized under its share repurchase program by five million shares. When added to the remaining number of available shares previously authorized for repurchase, this results in a total authorization of approximately 6.8 million shares.
Price Action: WH stock is lower by 3.13% at $73.70, and CHH shares are up 6.17% at $128.50 premarket Monday.
Photo via Wikimedia Commons
