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.
Tags: Wyndham Hotels, Choice Hotels
