Wyndham Hotels & Resorts, Inc. (NYSE:WH) has rebuffed a new takeover offer from local peer Choice Hotels International, Inc. (NYSE:CHH), describing it as undervaluing and as "a step backward". Wyndham received a letter on November 14 in which the suitor did not offer a change in the form of the consideration, the target company said on November 21, 2023. Based on Choice?s current share price, the cash-and-stock offer is valued at USD 86 (EUR 78.50) per share, which is below its previous offer of USD 90.

The letter also proposes a two-year period for Choice to seek to obtain regulatory approvals and only a 6% reverse termination fee, Wyndham said. "Choice continues to ignore our major concerns around value, consideration mix, and asymmetrical risk to our shareholders given the uncertainty around regulatory timeline and outcome," said Stephen Holmes, chairman of Wyndham's board of directors.