Choice Hotels ends attempt to buy Wyndham, ups share buyback

Choice Hotels (CHH) this morning ended its attempt to acquire Wyndham Hotels & Resorts (WH) and increased its stock buyback plan. “While the support from Wyndham stockholders tendering into the exchange offer was significant considering the number of investors structurally prevented from participating at this stage, it was not sufficient for Choice to conclude – particularly when taking into account the Wyndham board’s obvious continuing disinterest in a combination – that a path towards a transaction is available at this time,” the company said in a statement. Choice also announced that its board approved an increase in the number of shares authorized under its share repurchase program by 5M shares. Choice shares are up 3% to $124.21 in premarket trading while Wyndham shares are down 4% to $72.75.