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Choice Hotels Makes Hostile Bid for Wyndham

Choice Hotels went public with an offer to acquire Wyndham Hotels and Resorts. The offer was described as $90 a share, $9.8 billion including Wyndham debt, but since it is only $49.50 a share in cash and 0.324 shares of CHH stock for each WH share owned, the real value is more or less, depending on CHH stock.