 |
FGS Global represents Wyndham Hotels & Resorts as it confirms receipt of Choice Hotels International’s Dec. 12 takeover bid, which it says looks a lot like the same “highly conditional offer” of $86 per share that the board already rejected on Nov. 14.
Wyndham believes the bid presents an “asymmetrical risk to Wyndham shareholders given the uncertainty around antitrust approval.”
The offer undervalues “Wyndham’s superior, standalone growth prospects.”
The targeted company also pointed out that Choice “owns less that 1.7 percent of Wyndham common stock and conceded they are restricted from further purchases without antitrust approval.”
Consistent with its fiduciary duties, Wyndham promised to advise shareholders of its recommendation regarding the offer within ten business days.
Wyndham’s 9,100 hotels include the Travelodge, LaQuinta, Days Inn and Wyndham units. Choice operates the Radisson, Quality Inn, Clarion, Sleep Inn and Comfort brands.
FGS Global’s Danya Al-Qattan, Paul Scarpetta and Stephen Pettibone represent Wyndham.
Joele Frank, Wilkinson Brimmer Katcher’s Andy Brimmer, Kelly Sullivan and Allison Sobel represent Choice Hotels.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
