Choice Hotels surrenders its $8 billion hostile takeover attempt of rival chain, Wyndham

Choice Hotels is abandoning its hostile $8 billion takeover bid for Wyndham Hotels & Resorts. Choice said Monday that while it received support from some Wyndham shareholders, it wasn’t sufficient enough to conclude that a deal could be done with Wyndham board already in opposition. Choice launched a hostile takeover offer for Wyndham in December after repeated attempts to reach a deal with the rival hotel chain were rebuffed. Wyndham runs Days Inn, La Quinta, Ramada and a host of other brands. Choice runs about 7,500 hotels in 46 countries, including the Howard Johnson, Super 8 and Travelodge brands.