Choice Hotels International Inc. said Wednesday that the antitrust risk that Wyndham Hotels & Resorts Inc. has claimed is a key factor in its rejection of Choice’s hostile $85-a-share takeover bid is “misleading and further reflects the board’s apparent entrenchment.” In a presentation published Wednesday and filed with the Securities and Exchange Commission, Choice Hotels
CHH,
-1.31%
said it’s disappointed that Wyndham
WH,
-0.84%
has pushed a disinformation campaign.
“Wyndham’s characterization of the lodging industry’s competitive landscape and relevant regulatory criteria is incorrect,” Choice Hotels Chief Executive Patrick Pacious said in a statement. “Our pro-competitive combination is well positioned to obtain approval, and we remain committed to completing it for the benefit of both companies’ franchisees, shareholders and guests.” The two companies have been at loggerheads since Choice went hostile with its cash-and-stock bid for Wyndham in October, choosing to take the offer straight to shareholders after the Wyndham board declined to hold talks. The boards have cited regulatory risk given the long 24-month time period it’s expected to take to reach a close. In its presentation on Wednesday, Choice argued that Wyndham is disregarding the fact that the two companies account for just 10% of U.S. room revenue. “Wyndham’s overly narrow definition of the market is contradicted by clear legal and regulatory precedent and has already been rejected by antitrust enf …
Article Attribution | Read More at Article Source
CHH,
-1.31%
said it’s disappointed that Wyndham
WH,
-0.84%
has pushed a disinformation campaign.
“Wyndham’s characterization of the lodging industry’s competitive landscape and relevant regulatory criteria is incorrect,” Choice Hotels Chief Executive Patrick Pacious said in a statement. “Our pro-competitive combination is well positioned to obtain approval, and we remain committed to completing it for the benefit of both companies’ franchisees, shareholders and guests.” The two companies have been at loggerheads since Choice went hostile with its cash-and-stock bid for Wyndham in October, choosing to take the offer straight to shareholders after the Wyndham board declined to hold talks. The boards have cited regulatory risk given the long 24-month time period it’s expected to take to reach a close. In its presentation on Wednesday, Choice argued that Wyndham is disregarding the fact that the two companies account for just 10% of U.S. room revenue. “Wyndham’s overly narrow definition of the market is contradicted by clear legal and regulatory precedent and has already been rejected by antitrust enf …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]