Wyndham confirms unsolicited exchange offer from Choice at ~$86/share

WYNDHAM HOTELS & RESORTS, INC.

Choice Hotels commenced unsolicited exchange offer to acquire all Wyndham shares at ~$86 per share.
Wyndham Board will evaluate offer but previously rejected it as highly conditional and undervaluing the company.
Choice owns less than 1.7% of Wyndham and is restricted from further purchases without antitrust approval.
Wyndham urges shareholders not to take action until Board recommendation, due within 10 business days.
Board cites concerns over antitrust timeline (~24 months), undervaluation of Wyndham growth, and Choice leverage.

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