---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-293430"
form_type: "8-K"
ticker: "CHH"
cik: "0001046311"
company_name: "CHOICE HOTELS INTERNATIONAL INC /DE"
filed_at: "2023-12-12T23:59:59+00:00"
generated_at: "2026-06-07T13:57:25.072539+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Choice Hotels launches hostile exchange offer for Wyndham at ~$90/share; begins HSR review

## Summary
- Exchange offer: $49.50 cash + 0.324 CHH shares per WH share, valued at ~$90/share (30% premium to Wyndham's Oct 16 close of $69.10).
- Choice holds 1.5M Wyndham shares (>$110M) and filed for HSR antitrust review with the FTC today.
- Regulatory ticking fee of $0.45/share per month accruing after one year if transaction not closed.
- Choice plans to nominate independent director candidates to Wyndham's board at the 2024 annual meeting.
- Offer expires March 8, 2024, unless extended; conditions include all required regulatory approvals.

## SEC filing metadata
- accession: 0001193125-23-293430
- form_type: 8-K
- ticker: CHH
- cik: 0001046311
- company_name: CHOICE HOTELS INTERNATIONAL INC /DE
- filed_at: 2023-12-12T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1046311/000119312523293430/0001193125-23-293430-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1046311/000119312523293430/d659293d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-293430
- JSON: https://secwatch.observer/filing/0001193125-23-293430.json
- Plain text: https://secwatch.observer/filing/0001193125-23-293430.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.