Current:Home > StocksChoice Hotels launches hostile takeover bid for rival Wyndham after being repeatedly rebuffed-LoTradeCoin
Choice Hotels launches hostile takeover bid for rival Wyndham after being repeatedly rebuffed
View Date:2024-12-23 16:00:58
Choice Hotels is launching a hostile takeover offer for Wyndham Hotels & Resorts after repeated attempts to reach a deal with the rival hotel chain were rebuffed.
Choice Hotels said Tuesday that its exchange offer to shareholders of Wyndham remains the same as its last bid, which was $49.50 in cash and 0.324 shares of Choice common stock per Wyndham share. The exchange offer gives Wyndham shareholders the chance to choose to receive all cash, all shares or a combination of the two.
The offer puts the value of the deal at about $8 billion.
The exchange offer is set to expire on March 8, 2024 unless extended or terminated.
Choice said it currently holds about 1.5 million shares of Wyndham Hotels & Resorts Inc. shares valued at more than $110 million.
veryGood! (6)
Related
- Bitcoin has topped $87,000 for a new record high. What to know about crypto’s post-election rally
- New Mexico’s governor tests positive for COVID-19, reportedly for the 3rd time in 13 months
- Show them the medals! US women could rake in hardware at world gymnastics championships
- How John Mayer Feels About His Song With Katy Perry Nearly a Decade After Their Breakup
- Lions find way to win, Bears in tough spot: Best (and worst) from NFL Week 10
- Student loan repayments: These charts explain how much student debt Americans owe
- EU announces plans to better protect its sensitive technologies from foreign snooping
- Matt Gaetz teases effort to oust Kevin McCarthy, accuses him of making secret side deal with Biden
- Gun groups sue to overturn Maine’s new three-day waiting period to buy firearms
- Fuller picture emerges of the 13 federal executions at the end of Trump’s presidency
Ranking
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Red Velvet, Please
- Amendment aimed at reforming Ohio’s troubled political mapmaking system edges toward 2024 ballot
- Two earthquakes strike Nepal, sending tremors through the region
- Missing Houston woman was witness in murder case; no-contact order was issued in June, records show
- Taylor Swift's Mom Andrea Gives Sweet Nod to Travis Kelce at Chiefs Game
- Adam Devine, wife Chloe Bridges expecting first child together: 'Very exciting stuff!'
- Elon Musk facing defamation lawsuit in Texas over posts that falsely identified man in protest
- LeBron James says son Bronny is doing 'extremely well' after cardiac arrest in July
Recommendation
-
Former North Carolina labor commissioner becomes hospital group’s CEO
-
Selena Gomez Addresses Dua Lipa Feud Rumors After Unfollowing Her on Instagram
-
Bear attacks, injures woman in Montana west of Glacier park near Canadian border
-
Niger’s junta says jihadis kill 29 soldiers as attacks ramp up
-
Georgia public universities and colleges see enrollment rise by 6%
-
Facebook and Instagram users in Europe could get ad-free subscription option, WSJ reports
-
North Dakota lawmakers offer tributes to colleague, family lost in Utah plane crash
-
'So scared': Suspected shoplifter sets store clerk on fire in California