Wyndham Board Requests Shareholders To Discard Choice Offer

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Today, Wyndham Hotels & Resorts, declared that its Board of Directors, after going through a comprehensive evaluation with its outside financial and legal advisors, has been gritty in terms of the unsolicited exchange offer without opposition from Choice Hotels International, Inc. to obtain all brilliant shares of Wyndham is not advantageous of Wyndham and its shareholders. The Wyndham Board of Directors with one accord has recommended that shareholders not tender any of their shares into the offer.

Stephen P. Holmes, Chairman of the Board, said that Choice Hotels has once again, been unsuccessful to highlight the main value gap and risks of their offer, which remains almost unaffected from the terms charted in their earlier unsolicited proposal.

The main issues that they have spoken remain the same: a probable prolonged regulatory evaluation period of up to 24 months with inexact consequences; the pure insufficiency of the offer from the standpoint of valuation, including the important equity component of Choice stock; and the absence of consideration for Wyndham’s superior, separate growth predictions.

Holmes continued that their Board has made itself unswervingly clear on these risks, however, Choice carries on ignoring what is in the best interests of Wyndham shareholders by recurrently proposing illusory and unrealistic offers.