Skift Take
It's dead. Choice Hotels International’s hostile buyout offer of rival Wyndham Hotels & Resorts fizzled out because of an effective resistance by Wyndham's board and a lack of interest by Wyndham's shareholders.
Choice Hotels on Monday dropped its $8 billion hostile takeover bid for Wyndham Hotels & Resorts it launched last October.
Choice, the operator of Comfort and other brands, had given Wyndham stockholders until last Friday to tender their shares, but not enough participated to give Choice Hotels hope of success.
Choice Hotels also withdrew its nomination of independent director candidates for Wyndham's board.
Why it mattersThe long-running saga has distracted the managers of the two companies, which can now