Choice Hotels International Inc
- Wyndham Hotels & Resorts Inc soared 10.4% to $76.28 after Choice Hotels International made a public offer to acquire the budget hotel chain operator.
Choice offered $90 a share, $49.50 in cash and 0.324 of its own stock, about 30% premium to its closing price in the previous regular trading session.
Choice decided to take its $7.8 billion offer directly to shareholders after merger talks between the two companies broke down after six months of discussion.
Before the merger talks broke down, Choice had increased its initial offer of $80 a share to $85 a share, but two parties failed to agree on a deal after discussions stalled since May.
Oct 17, 2023
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