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Choice Hotels pulls out of Wyndham acquisition

 

Choice Hotels International (CHH) has abandoned its USD 7.8 billion takeover bid for rival Wyndham Hotels & Resorts (WH), citing Wyndham’s board’s reluctance to engage constructively. The acquisition attempt, initiated a year ago, transitioned from an offer to a takeover attempt in December. Choice will now focus on its operations, increasing its stock buyback program by 5 million shares, valued at approximately USD 632 million. Despite some shareholder support, Choice sees no viable path for the transaction.

Wyndham responded, asserting its strategy surpasses Choice’s offer in delivering shareholder value, citing concerns about valuation, consideration mix, and regulatory risk.

Both Choice Hotels International and Wyndham Hotels & Resorts manage various hotel chains across the U.S., with Wyndham overseeing Days Inn and La Quinta, and Choice overseeing Radisson and Comfort Inn. If the acquisition had succeeded, the amalgamated brands would have controlled around 16,000 locations globally.

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