Wyndham Board Believes the Company Can Deliver Long-Term Shareholder Value in Excess of the Current $85 Per Share in Cash and Stock Offered by Choice
Urges Shareholders Not to Take Action at This Time
Choice Looks to Impose Two Years of Regulatory Limbo and Significant Business Risk on Wyndham Shareholders and Fails to Address Substantial Concerns with Prior Offer Now Valued at $86
Wyndham Grand Ijin Busan is located in the country's second largest city and offers 271 rooms that overlook a breathtaking coastline.
In a 30-page presentation and on its third-quarter earnings call, Wyndham Hotels & Resorts laid out its justification for rejecting a bid by Choice Hotels International to acquire the company.
The Company generated net income of $103 million, or $1.21 per diluted share, compared to $101 million, or $1.13 per diluted share, in third quarter 2022.
Choice Hotels CEO Pat Pacious is ready to book a stay inside the boardroom of budget hotel rival Wyndham to conduct some due diligence.
Wyndham's Board of Directors, together with its financial and legal advisors, closely reviewed Choice's latest proposal with a nominal value of $90 per share, comprised of 45 percent in stock and 55 percent in cash and determined that it is not in the best interest of shareholders to accept the proposal.
Officials of the 763-room Courtland Grand Hotel today announced that the property has joined the Trademark Collection by Wyndham. Operated by HEI Hotel & Resorts, the former Sheraton hotel immediately joins Wyndham Rewards.
Wyndham Hotels & Resorts is strengthening its position in Türkiye reaching approximately 105 open and operating hotels and a development pipeline of approximately 20 additional properties. The latest openings are part of Wyndham’s continued expansion plan in Türkiye, where the company is the largest international hotel group by number of properties.