Wyndham rejects $12bn takeover bid by Choice Hotels

wyndham

Wyndham Hotels and Resorts has rejected a US$7.8 billion ($12.2bn) takeover offer by Choice Hotels saying the merger would create a regulatory headache.

The offer amounted to a US$90 per share offer price which was a 30% premium to the stock’s price on Monday.

Wyndham has more than 9,000 hotels across 24 brands in 95 countries including TRYP and Travelodge, while Choice has more than 7,400 hotel locations worldwide across 22 brands including Radisson and Quality Inn.

Choice originally pitched the takeover with an US$80 per share offer.

Wyndham has previously said Choice has been “unwilling or unable to address our concerns,” about regulatory scrutiny following a possible merger of the two companies.