Choice Hotels International (CHH), which announced that it has decided to withdraw its offer to purchase Wyndham Hotels Resorts shares, has also withdrawn its offer to nominate a candidate for independent board membership at Wyndham's Annual General Meeting in 2024.
However, the choice hotels Board of Directors decided to increase the share repurchase programme by an additional five million shares, bringing the total number of shares available for repurchase to approximately 6.8 million.
As part of Choice Hotels' strategy to initiate talks with Wyndham, the failed takeover bid, which began in April 2023, included several upgraded offers and additional concessions from Choice.
Stating that the Wyndham board of directors consistently demonstrated a clear lack of interest in the merger, Choice Hotels decided not to extend the takeover offer, while the offer expired on 8 March 2024 without Choice Hotels' wholly-owned subsidiary WH Acquisition Corporation acquiring any shares of Wyndham through the offer.
