India, already the world’s largest emerging outbound travel market, is in the midst of a travel boom as 63% of Indian travelers said they’re planning to increase their travel budgets for 2024. In addition, Indian travelers are projected to become the fourth-largest global spender on travel by 2030.
Choice Hotels Asks Wyndham Stockholders to Tender Shares
05.03.2024 - 19:27 / travelpulse.com / North America / Donald Wood
Choice Hotels International is asking Wyndham Hotels & Resorts stockholders to tender their shares into the exchange offer before its expiration on March 8.
Officials from Choice believe stockholders tendering shares will send a clear message to Wyndham's board of directors to constructively engage with Choice to reach a consensual agreement on the terms of a transaction.
Choice intends to extend or terminate the exchange offer depending on participation. The company also plans to evaluate the next steps related to its nomination of a slate of independent directors for election to the board of directors of Wyndham.
Choice representatives continue to support the company’s proposed value of $90 per share for Wyndham stockholders, a move that it believes benefits franchisees and guests. Officials also think it would receive regulatory approvals within a one-year customary timeframe.
While Wyndham has pushed back on potential merger talks, Choice highlighted the changes made over the last several months to make the deal more appealing, including addressing regulatory requests and offering above-market regulatory protections, including significant reverse termination and ticking fees.
In October 2023, Choice Hotels outlined its proposal to acquire Wyndham for around $7.8 billion in cash and stock.
In response, Wyndham’s Board of Directors unanimously determined the unsolicited exchange offer from Choice to acquire all outstanding shares of the hospitality company is not in the best interests of its shareholders.
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