Choice and Wyndham Board Chairs continue engagement, along with each of their respective financial and legal advisors. Wyndham acknowledged the strategic rationale of the proposed combination and that terms were within a negotiable range but raised concerns regarding the need to confirm the value of Choice stock and regarding the potential timing for obtaining regulatory approvals.
In response, Choice proposed, and Wyndham agreed, to enter into a one-way, short-term nondisclosure agreement (NDA) to facilitate Choice providing information that would address Wyndham’s concerns.
Choice provided Wyndham with a draft one-way, short-term NDA on September 8, 2023, made its external counsel available for several discussions, and indicated its willingness to agree to a regulatory risk allocation mechanism on market terms.
On September 27, 2023, during a follow-up call between the Chair of each company’s Board and respective advisors, Wyndham made clear its unwillingness to proceed with further discussions.