C: ?! SLH跟了希爾頓，溫德姆在台三個據點也要被美國的Choice整碗端走？辣辣der….
P: 呵呵，沒啦！八字根本沒一撇呢！溫德姆反嗆Choice，要他們「手放乾淨一點」！
C: 哇嗚！我好興奮！
P: 你的「腦子放乾淨一點」！不可以色色！
C: 你怎麼知道我想到「霸道總裁系列」？
P: 這園地是普級的，什麼系列都沒有。Capisce?
C: 你上次被人求婚，不也是？對方勢力強大的呀！ pew pew~
P: 嘖！根本就沒相關。

2023年6月下旬筆者曾分享了當年5月國際旅館業界所盛傳的精品國際酒店集團(Choice Hotels & Resorts)欲併購溫德姆酒店集團(Wyndham Hotels & Resorts)一事，然而隨著時間的推移，謠言已在2023年下半年登上檯面，成為兩造公司的相互叫陣，而精品國際集團想談「合作」，但溫德姆集團賞以閉門羹。

以Hotels Magazine所公佈的2023年全球百大旅館集團名單中，精品國際酒店集團的總客房數為 627,804，總酒店數為 7,487 ，榜單排名第8，至於溫德姆酒店集團的總客房數則是 842,510 ，總酒店數 9,059，榜單排名第5。而下方的產業報導則提及雙方公司市值為「溫德姆集團(66億美金)大於精品國際集團(56.7億美金)」。於是根據上述三項數值，精品國際酒店集團此舉大有「越級打怪」、「以小搏大」之感。

旅館業界的收購、合併經常與「補自身不足之處」有關，有時是因為地區性的能見度不足、市佔率不高而進行併購的策略操作，比方近年萬豪集團收購City Express酒店集團以強化加勒比海與拉丁美洲區域的影響力，有時是因為本身能力有所欠缺或實力不夠堅強，如缺乏奢華型產品，像是早先的洲際集團收購六善酒店集團，雅高集團收購FRHI酒店集團(Fairmont + Raffles + Swissôtel)。至於本文事主之一的精品國際酒店集團則是因收購案「有助於自身在特許經營(加盟)的經營規模與收益程度」、「成為全球經濟型酒店品牌的領頭羊」等因素而為之。若此收購案一旦成功，在全球旅館據點數、集團品牌數方面將是全球第一，而總客房數則是「坐二望一」、與萬豪集團的數量在「伯仲之間」，當然，台灣的據點也連帶將全面翻轉成為精品國際酒店集團的據點。

究竟這炮火四射的國際酒店集團併購案會如何發展，一般民眾與業界人士都在一旁吃瓜、「看好戲」，同時也讓我們見識到一小部份國際旅館市場競爭激烈的事實。至於台灣旅館市場一直缺乏大型併購案的「戲碼」，雖然這是「清理戰場」、「擴大規模經濟」的積極作為之一。而過去的短暫合作不如現在的「直接讓對方躺平」、「讓對方成為自己的『細漢』」(笑)，期待未來會有更多「有趣」(甚至刺激)的台灣市場變化。

Choice Takes Pursuit of Wyndham Hostile With Exchange Offer

精品國際酒店集團以交換要約惡意求取溫德姆酒店集團

Hotel Brand Company Offers Cash and Stock for All Outstanding Wyndham Shares
精品國際酒店集團以現金和股票收購所有溫德姆酒店集團的流通股

December 12, 2023 | 10:27 P.M. Hotel News Now by Sean McCracken

In a move that officially takes its takeover plans formally hostile, Choice Hotels International has announced an exchange offer for all outstanding shares of Wyndham Hotels & Resorts.

精品國際酒店集團 (Choice Hotels International) 宣布對溫德姆酒店集團的所有流通股提出交換要約，此舉為精品國際集團所正式提出具惡意的收購計劃。

The offer mirrors the previously announced terms Choice had offered Wyndham’s board in November to acquire the Parsippany, New Jersey-based hotel brand company at $49.50 in cash and 0.324 of a share of Choice common stock for each Wyndham share for total consideration of $90 a share. The exchange offer gives Wyndham shareholders the option to take the payout in all cash, all stock or a combination of the two. The offer values Wyndham at roughly $8 billion.

此次要約反映了精品國際酒店集團於2023年11月向溫德姆酒店集團董事會所提出的收購條款，也就是用每股49.50美元的現金與0.324股的自家公司普通股以換取總部位於新澤西州的帕西帕尼市的溫德姆酒店集團股份，總對價金額為每股90美元。 這筆交換要約可以讓溫德姆集團股東選擇以全部現金、全部股票或者現金加股票的方式支付。 此次收購對溫德姆集團的估值約為 80 億美元。

In the news release announcing the offer, Choice disclosed the company has already purchased roughly 1.5 million shares of Wyndham common stock, valued at roughly $110 million.

精品國際酒店集團在宣布收購要約的新聞稿中透露，該公司已買入約 150萬股的溫德姆普通股票，市值約 1.1億美元。

If Choice is able to gain a controlling stake in Wyndham, the company could put members favorable to the deal on Wyndham’s board. But Wyndham officials noted Choice’s current holdings amount to less than 1.7% of their common stock and Choice is restricted from buying more without antitrust approval.

如果精品國際集團能取得溫德姆集團的控股權，則精品國際酒店集團可能會在溫德姆董事會中安插支持收購交易的成員。 不過溫德姆集團的管理階層指出，精品國際集團目前持有的普通股數目還不到 1.7%，同時精品國際集團在未經政府單位的反壟斷限制之批准前，不得購買更多的溫德姆集團股票。

As of close of markets Monday, Wyndham’s stock was trading at $79.56 a share with a market cap of $6.6 billion. Choice was trading at $113.81 a share with a $5.67 billion market cap.

截至週一(2023/12/11)美國股市收盤為止，溫德姆酒店集團股票交易價格為每股 79.56美元，市值為 66億美元。精品國際酒店集團的交易價格為每股 113.81美元，市值為 56.7億美元。

“While we would have preferred to come to a negotiated agreement, the Wyndham Board’s refusal to explore a transaction has left us with no choice but to take our proposal directly to Wyndham’s shareholders," Choice President and CEO Patrick Pacious said in a statement. “Wyndham chose to publicly reject our last proposal without any engagement even after we addressed their concerns, including adding significant regulatory protections for their shareholders."

精品國際集團總裁暨執行長 Patrick Pacious 在聲明中表示：「雖然我們更願意透過談判達成協議，但溫德姆集團董事會拒絕進一步討論交易事宜，這讓我們別無選擇，只能直接向溫德姆股東提出建議。即使我們澄清了他們所擔憂的部份，包括為其股東增加了重要的監管保護機制，溫德姆仍選擇公開拒絕我們最後的提案而且連談都不談。」

Wyndham’s board shot down Choice’s offer previously, saying that it was an attempt to take advantage of short-term fluctuations in stock prices and doesn’t account for outsize regulatory risk assumed on the Wyndham side of a potential deal. Regulatory concerns stem from the fact the combined company, with 46 brands, would hold a dominant position in economy- and midscale-branded hotels and is likely to draw antitrust scrutiny.

溫德姆集團董事會先前曾拒絕精品國際集團的收購要約，並稱此舉是企圖藉由股價的短期波動佔溫德姆的便宜，而且未考慮溫德姆集團在潛在交易中所承擔的巨大政府監管風險。 遭政府監管方面的擔憂來自於如此的現實狀況：合併後的公司將擁有 46 個酒店品牌，並且在經濟型和中階酒店品牌中佔有主導地位，並可能因而受到政府反壟斷的審查。

Wyndham Chairman Stephen Holmes condemned Choice’s overtures calling it “a desperate grab to try to solve problems that the company has."

溫德姆集團董事長 Stephen Holmes 指責精品國際集團的提議，稱其為「試圖解決公司所面臨問題的絕望之舉」。

“We are frankly not surprised," Holmes said during Wyndham’s most recent earnings call. “Our business offers a medicine cabinet full of remedies. … They’re trying to make us an elixir for their problems. … Our board has taken its fiduciary duties very seriously with respect to shareholders, and other stakeholders including franchisees, employees and guests. We strongly believe that Wyndham’s stand-alone plan and multiple levers of growth provide a more compelling proposition compared to Choice’s offer."

Holmes 在溫德姆集團最近的財報電話會議上表示：「坦白說，我們並不感到訝異。我們公司在他們眼中像是一個滿是解藥的藥箱。……他們試圖把我們當作解決他們問題的靈丹妙藥。……我們的董事會非常認真地對待股東和其他利害關係人(包括加盟商、員工和客人)的信託責任。我們堅信，若與精品國際集團的收購要約相比，溫德姆集團獨立運作的營運規劃以及多種發展策略使人信服且吸引人。」

In a news release issued in response to Choice’s exchange offer, Wyndham officials continued to push back against a potential deal for similar reasons. For the time being, Wyndham urged shareholders to take no action.

在針對精品國際集團的交換要約所發布的新聞稿中，溫德姆集團高層也以類似的理由持續反對這可能的交易。 目前，溫德姆集團敦促股東不要採取任何作為。

“The Board intends to advise shareholders of its recommendation regarding the offer within ten business days by making available to shareholders and filing with the U.S. Securities and Exchange Commission a recommendation statement on Schedule 14D-9," the news release read. “Wyndham shareholders are urged not to take any action with respect to the offer until the Board announces its recommendation."

該篇新聞稿中寫道：「溫德姆集團董事會打算在十個工作日內向股東提供有關此要約的建議，對股東提供以及向美國證券交易委員會提交附表14D-9上的建議聲明。敦促溫德姆集團的股東在董事會宣布其建議之前不要就該要約採取任何行動。」

Pacious said he remains open to negotiations with Wyndham’s leadership.

精品國際集團總裁暨執行長 Patrick Pacious表示，他仍願意與溫德姆集團高層進行談判。

“It remains our goal to reach a mutually agreeable transaction, and there is potential for additional value to be unlocked if Wyndham were to return to the negotiating table and provide due diligence. We look forward to meeting with Wyndham’s shareholders in the days and weeks ahead and to continuing the regulatory approval process we’re starting this week," Pacious said in a news release.

Pacious在新聞稿中表示：「達成雙方合意的交易仍是我們的目標，如果溫德姆集團重返談判桌並提供盡職調查，我們就有可能釋出額外價值。我們期待能在未來幾天或幾週內與溫德姆集團的股東碰面並繼續我們在本週開始的監管審核程序。」

Choice also announced a “regulatory ticking fee" as part of their exchange offer that would increase the value of the exchange by $0.45 per Wyndham share each month in the event it takes more than a year for a deal to close.

精品國際集團還宣布提供「交易監管期的補償費」作為交換要約的一部分。如果收購交易需要超過一年的時間才能完成，則每股溫德姆集團股票的交換價值將以每月增加 0.45美元的方式作為補償以及交易案的誘因。

“This additional consideration, which has been included so that Wyndham shareholders can receive benefits similar to what Choice previously offered in its Nov. 14, 2023, proposal in the unlikely event the transaction were to take longer than 12 months to close, would be payable in cash or stock, at Choice’s election, upon Choice’s acceptance and exchange of the Wyndham shares tendered into the offer," the news release states.

新聞稿也表示：「納入這項額外對價金是為了讓溫德姆集團的股東能夠獲得類似於精品國際集團之前在2023 年11月14日提議中提供的利益，以防萬一這收購交易需要超過12 個月才能結案。就精品國際集團所提出的選項來看，當精品國際集團對於溫德姆集團股份的交換要約正式提出時，這筆額外的對價金能以現金或股票的形式支付。」

Choice is also continuing to extend the offer for a reverse termination fee of $435 million and two seats on the combined company’s board — terms that were included in a rejected offer from November.

精品國際酒店集團也繼續延長要約，要求支付 4.35 億美元的反向分手費和合併後的公司董事會的兩個席位——這些條款都包含在2023年11月被溫德姆集團拒絕的交易要約中。

Choice officials said the exchange offer is valid until the close of business on March 8, 2024.

精品國際酒店集團的高層表示，交換要約至 2024年3月8日美國股市收盤前仍舊有效。