Wyndham urges shareholders to reject hostile takeover
Wyndham Hotels and Resorts is continuing to oppose Choice Hotels’ approach for the business.
Wyndham Hotels & Resorts board of directors has now urged shareholders to rebuff an unsolicited offer.
In a filing, Wyndham directors recommended that Wyndham stockholders reject the offer.
“Our Board has made itself consistently clear on these risks, but Choice continues to ignore what is in the best interests of Wyndham shareholders,” said Stephen Holmes, chairman of the board.
“We are confident Wyndham can deliver long-term shareholder value well in excess of the offer by Choice.”
Wyndham says Choice is underplaying the possibility of a long, drawn-out antitrust review.
To combat it, Wyndham launched a website, StayWyndham.com, which highlights the risks of accepting the Choice Hotels’ bid.
Wyndham claims there is ‘strong opposition’ from franchisees.
Choice Hotels has offered shareholders its own stock or cash for their shares, which is says is at a 30% premium to Wyndham’s stock value prior to the offer.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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