Skift Take
Wyndham is playing very hard to get. And unless lovestruck Choice is equipped to sweeten its offer, it may view this target forever as the one who got away.
Wyndham isn't warming to Choice's latest attempt at a hostile takeover, and characterized it Tuesday as a "step backwards."
"Choice’s first communication in a month since its public disclosure of its unsolicited proposal contains no change to the form of consideration and continues to undervalue Wyndham’s standalone growth prospects," Wyndham stated Tuesday. "At Choice’s current share price, its offer to acquire all outstanding shares of Wyndham stands at a value of $86 per share."
Wyndham stated that it received a letter from Choice CEO Pat Pacious November 14 — what it is said is the first communication from Choice since going public with an unsolicited bid for $90 a share on October 17.