Choice Hotels Terminates Exchange Offer To Acquire Wyndham; Increases Share Repurchase Program

(RTTNews) - Choice Hotels International, Inc. (CHH) Monday announced the termination of its exchange offer aimed at acquiring all outstanding shares of Wyndham Hotels & Resorts, Inc. (WH).

Additionally, the company's Board has also authorized an increase of five million shares under its share repurchase program, bringing the total authorization to around 6.8 million shares, including previously allocated shares for repurchase.

Choice Hotels stated that given the Wyndham board's disinterest in a merger, Choice has opted not to extend the exchange offer and is retracting its proposal.

The exchange offer got expired on March 8, 2024, with WH Acquisition Corp., a subsidiary of Choice, not purchasing any Wyndham shares through the offer.

The company said that it has directed the exchange agent to promptly return all tendered Wyndham shares to the shareholders.

The company now intends to focus on its standalone strategy, which is expected to deliver strong growth with projected adjusted EBITDA increasing approximately 10 percent at the midpoint of guidance for the year.