Choice Hotels publicly urges Wyndham to negotiate on $90/share acquisition proposal

CHOICE HOTELS INTERNATIONAL INC /DE

Choice calls on Wyndham board to engage in good faith discussions on $90 per share cash-and-stock offer (14.9x consensus 2023 EBITDA).
Choices cites $150M synergy opportunity, expects >$2B in shareholder value creation from synergies.
Pro forma combined company expected to generate ~$1B free cash flow in 2024, enabling rapid deleveraging.
Choice management notes historical stock performance three times Wyndham's since its 2018 spin-off.
Transaction deemed pro-competitive; franchisees expected to benefit from lower costs and enhanced rewards program.

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