Wyndham Hotels & Resorts’ board of directors has advised Wyndham shareholders not to accept Choice Hotels International’s latest exchange offer, the company announced Monday. The board voted unanimously on the recommendation, according to Wyndham, following Choice’s announcement last week that it would take its offer to acquire Wyndham directly to shareholders.
Wyndham’s board called Choice’s latest offer “virtually unchanged” from the company’s previous unsolicited and rejected offer. Wyndham chairman Stephen Holmes in a statement cited a “likely prolonged” regulatory review process with an “uncertain outcome,” as well as the offer’s “pure inadequacy” from a “valuation standpoint.”
