What's Going On With Choice Hotels & Wyndham Shares Today?
Portfolio Pulse from Shivani Kumaresan
Choice Hotels International, Inc. (NYSE:CHH) announced the expiration of its exchange offer to acquire Wyndham Hotels & Resorts, Inc. (NYSE:WH) and withdrew its nomination of independent director candidates for Wyndham's 2024 Annual Meeting. Despite attempts to negotiate, including multiple offer increases, Choice will focus on its standalone strategy. Wyndham urged shareholders to support its Director nominees, citing a clear path to deliver shareholder value beyond Choice's offer. Choice also announced a share repurchase program increase by five million shares, totaling approximately 6.8 million shares authorized for repurchase. WH stock dropped 3.13% to $73.70, while CHH shares rose 6.17% to $128.50 in premarket trading.
March 11, 2024 | 1:09 pm
News sentiment analysis
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NEGATIVE IMPACT
Wyndham's stock fell 3.13% to $73.70 in premarket trading following the expiration of Choice Hotels' acquisition offer.
The expiration of Choice Hotels' acquisition offer and the uncertainty it created likely led to a decrease in investor confidence, negatively impacting WH's stock price.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
POSITIVE IMPACT
Choice Hotels withdraws Wyndham acquisition offer and boosts share repurchase program, leading to a 6.17% premarket stock increase.
The withdrawal from the acquisition bid and the announcement of an increased share repurchase program likely contributed to investor confidence, driving up CHH's stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90