Short Tips: : Wyndham says letter from hostile bidder Choice is a step backwards, says offer undervalues hotel chain

Short Tips: : Wyndham says letter from hostile bidder Choice is a step backwards, says offer undervalues hotel chain

Wyndham Hotels & Resorts Inc. WH said Tuesday a letter it has received from Choice Hotels International Inc. CHH represents step backwards and the terms outlined are neither in Wyndham’s interest or those of its shareholders. Choice launched a hostile bid for Wyndham in October, offering to take it over at $90 a share in stock and cash. “Choice’s first communication in a month since its public disclosure of its unsolicited proposal contains no change to the form of consideration and continues to undervalue Wyndham’s standalone growth prospects,” Wyndham said in a statement. Based on Choice’s current stock price, the…