The board of directors at Wyndham Hotels & Resorts
WH,
said Monday it is recommending shareholders reject an unsolicited buyout offer of $85 a share from Choice Hotels International Inc.
CHH,
because it’s not in their best interest. The hostile offer is “inadequate and highly conditional,” Wyndham said. The company said it’s able to deliver shareholder value in excess of the current offer of $85 a share in cash and stock. The merger would also necessitate a regulatory review of up to 24 months with an uncertain outcome, the company said. Wyndham on Dec. 12 said it received the latest offer and would consider it.
