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.