Report: Choice Buying Wyndham Shares, Plans Board Fight
Choice Hotels International has purchased Wyndham Hotels & Resorts shares and plans to nominate directors to serve on Wyndham's board as part of its push to acquire the company, according to a Reuters report.
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Choice Hotels International has purchased Wyndham Hotels & Resorts shares and plans to nominate directors to serve on Wyndham's board as part of its push to acquire the company, according to a Reuters report.
Choice in October publicly offered to acquire Wyndham in a $7.8 billion deal, but Wyndham rejected that offer, as well as an "enhanced" offer last week.
Purchasing shares would allow Choice to nominate directors to Wyndham's board by January 2024, according to Reuters. Should Wyndham continue to reject Choice, Choice could nominate a slate of directors that could approve the deal and ask shareholders to choose.
According to Reuters, which cited sources, Choice already has begun interviewing potential board nominees and is "preparing" an offer to "show Wyndham's investors that there is a firm offer on the table."
Choice and Wyndham each declined comment on the Reuters report.
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