01:11 PM EST, 03/05/2024 (MT Newswires) -- Choice Hotels International ( CHH ) urged Wyndham Hotels & Resorts' ( WH ) stockholders to tender their shares into the exchange offer before expiration at 5 pm ET March 8.

Based on participation, Choice Hotels ( CHH ) said Tuesday it plans to either extend or terminate the exchange offer and will assess the next steps related to its nomination of a slate of independent directors for election to the Wyndham board.

"Wyndham stockholders need to send a clear message to the Wyndham board to engage constructively," Choice Hotels ( CHH ) said.

The goal of the exchange offer, which was launched in December, was to take the proposed transaction directly to the Wyndham stockholders and start the regulatory approval process.

The offer of $90 a share "represents a multiple far in excess of what Wyndham has been able to achieve as a stand-alone business," Choice Hotels ( CHH ) said. "Wyndham has refused to provide Choice access to any information that may have resulted in Choice's ability to improve its offer."

Shares of Choice Hotels ( CHH ) rose 5.3% in recent Tuesday trading, and Wyndham climbed 0.2%.

Price: 115.43, Change: +5.83, Percent Change: +5.32