Choice Hotels Goes Hostile in Wyndham Takeover Battle

(Reuters) -Budget hotel operator Choice Hotels International on Tuesday launched a hostile bid for peer Wyndham Hotels & Resorts and prepared for a board battle to bring the target to the negotiating table.

Choice went public with its cash-and-stock offer for Wyndham in October, then valued at about $8 billion, in an attempt to combine two of the biggest U.S. budget hotel operators. The offer is now worth about $7.2 billion, tracking a decline in Choice’s stock.

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