 |
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.
Longacre Square Partners represents Ancora Holdings as it urges the board of Big Yellow Group to conduct a strategic review of the UK’s No. 1 self-storage company.
Kekst CNC handles Getty Images as it begins a prepackaged Chapter 11 reorganization and receives a commitment from Koch Equity Development and the Getty family to invest $533M in the visual content company.
As capital concentrates among established firms, emerging managers must find new ways to earn investor confidence.
Teneo handles True Food Kitchen as the Scottsdale, AZ-based wellness food restaurant chain that counts Oprah Winfrey as a minority investor files for Chapter 11.
FGS Global and Teneo represent Canada’s billionaire Weston family as its Wittington Investments holding company acquires Boots Group, the 177-year-old UK health & beauty retailer, from Sycamore Partners for $8.9B.
