Choice Hotels scraps takeover bid of Wyndham

Monday, 11 Mar, 2024 0

Choice Hotels’ hostile takeover bid for Wyndham Hotels & Resorts is dead.

Choice Hotels said it was abandoning its $8 billion deal for Wyndham.

Choice’s intentions for Wyndham were made public last year even though Wyndham had already rejected several bids.

It remained steadfast throughout that it would not approve a bid.

Choice then went directly to the shareholders but ultimately didn’t get the shareholder support it needed.

“Choice has decided not to extend the exchange offer and is withdrawing its slate,” Choice said.

Wyndham maintained it offered better value for shareholders.

“Choice’s opportunistic offer comes at a time when Wyndham continues to outperform Choice across key operating drivers and metrics,” Wyndham said in a letter to shareholders.

“Choice has a slower-growing business, lower profitability and, post-transaction, would have higher leverage.”

Combined, the two groups operate over 16,000 properties across more than 40 brands.

TravelMole Editorial Team

Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

We are the UK’s leading Canada travel experts Canadian Affair Company Information Founded in 1995, Canadian Affair offers an...

Air Transat is Canada’s number one leisure airline. It flies to some 60 international destinations in more than 25 countries...

Global Hotel Alliance brings together a unique collection of independent hospitality brands for GHA DISCOVERY, a multi-brand loyalty programme. GHA...

Central Florida’s Polk County is conveniently located between Orlando and Tampa, and an easy drive to Central Florida attractions and...

Discover Sarawak Revealing a side of Asia unlike anywhere else, Sarawak offers an alternative for those seeking humble authenticity far...

Wonderful Indonesia Indonesia is a country blessed with countless wonders. What makes this country unique is its diverse culture and...

Intrepid Travel is a world leader in sustainable experience-rich travel that has been taking travellers to discover the world’s most amazing places...

Princess Hotels & Resorts is a hotel chain specialising in holiday and urban hotels located in first class tourist destinations,...

Virtuoso is the leading global network of agencies specializing in luxury and experiential travel, with more than 20,000 advisors. We...

Located in the Mediterranean and connecting Asia and European continents that are separated by the famous Bosphorus, Türkiye is a...

This is Jersey. An island shaped by the sea where some of the most astonishing tides in the world circle...

Philippine Airlines (PR), also known as PAL, is the Filipino flag carrier. The company started their operations in February 1941,...

ABOUT THE PHILIPPINES Mabuhay! Welcome to our archipelago of 7,641 islands where there are endless beaches, lively and fashionable cities,...

Destination British Columbia (Destination BC) is a Provincially funded, industry-led Crown corporation that supports a strong and competitive future for BC’s...