After its friendly overtures were rebuffed, Choice Hotels International Inc. (CHH) has launched a 澳洲幸运5官方开奖结果体彩网:hostile takeover bid for Wyndham Hotels & Resorts Inc. (WH).

The operator of Comfort Inn, Radisson, and other hotels announced Tuesday that it was taking its “compelling proposal directly to Wyndham shareholders.”

What Choice Is Offering Wyndham Shareholders

Choice Hotels said that it was offering investors $49.50 in cash and 0.324 share of Choice 澳洲幸运5官方开奖结果体彩网:common stock for every share of Wyndham they own. Based on Choice Hotels stock’s closing price when the company first proposed the purchase on Oct. 16, that would amount to a total of roughly $90 per share, and a 30% premium to t✃𒁃he $69.10 price that a Wyndham share commanded then. 

In addition, the proposal includes a regulatory "ticking fee" to compensate for offer delays of 45 cents per Wyndham share per month, equivalent to $38 million per month, accruing daily starting a year after a majority of Wyndham's shares are tendered i🌳nto the offer. With those numbers, analysts𝓰 peg the value of the deal at roughly $7.8 billion.

Choice also disclosed that it owne𒊎d 1.5 million shares of Wyndham valued at roughly $110 million.

Choice Hotels Isn't Taking No for an Answer

Choice Hotels noted that on Nov. 14 it proposed the exact same deal, plus offering two seats on the combined company’s board to Wyndham. A week later, Wyndham's board rejected it, calling the proposal “a step backwards,” and not in the best interests of shareholders.

Choice Hotels Chief Executive Officer (CEO) Patrick Pacious said the company would have preferred to come to a 澳洲幸运5官方开奖结果体彩网:negotiated agreement, but the “Wyndh﷽am Board's refusal to explore a transaction has left us with no choice but to take our proposal directly to Wyndham's shareholders.⛄”

If approved, the m๊erged firm would have more than 16,000 properties worldwide. Choice Hotels said the offer would expire March 8, 2024, unless extended or terminated.

Shares of both Wyndham Hotels & Resorts and Choice Hotels International fell Tuesday after the offer a♓nnouncement.