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Joele Frank handles Choice Hotels’ $7.8B cash/stock deal for budget lodging rival Wyndham Hotels and Resorts.
The $90 per share offer represents a 26 percent premium over Wyndham’s 30-day average closing price on Oct. 11, and an 11 percent premium over its 52-week high.
Choice CEO Patrick Pacious said the deal would significantly accelerate organic growth at both chains for the benefit of all stakeholders, including franchisees, shareholders, employees and guests.
Wyndham has rejected the offer as underwhelming, highly conditional and subject to significant business, regulatory and execution risks.
CEO Stephen Holmes said his team has engaged with Choice and its advisors on multiple occasions but Choice was unable to address the long-term risks to Wyndham’s business and shareholders.
His board would “support a value-maximizing transaction.”
Choice operates the Radisson, Quality Inn, Clarion, Sleep Inn and Comfort brands while Wyndham runs Travelodge, LaQuinta, Days Inn and Wyndham units.
Joele Frank, Wilkinson Brimmer Katcher’s Andy Brimmer, Kelly Sullivan and Allison Sobel represent Choice Hotels.
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Dallas-based Throughline Global Advisors advised Principal Mineral as it acquired Isola Group, maker of copper-clad laminates used in printed circuit boards.
oele Frank works for satellite operator Iridium Communications as it gets acquired by space company Rocket Lab in a deal worth $8B.
Uber’s Mike Lucarelli is moving to NXP Semiconductors as senior VP-investor relations.
