Choice Hotels International, Inc. has offered to purchase Wyndham Hotels & Resorts, Inc. for approximately $7.8 billion, including cash and stock. When including debt, it’s valued at approximately $9.8 billion.

Choice proposed to pay $90 per share, consisting of $49.50 in cash and 0.324 shares of Choice. The offer represents a 26% premium to Parsippany, NJ-based Wyndham’s 30-day volume-weighted average closing price ending on October 16, 2023.

The proposal also contains a cash or stock election process, giving Wyndham shareholders the option of receiving cash, shares, or a combination of cash and stock.

Choice is making its latest proposal public in response to Wyndham’s decision to withdraw from further conversations with Choice after nearly six months of discussions.

“A few weeks ago, Choice and Wyndham were in a negotiable range on price and consideration, and both parties have a shared recognition of the value opportunity this potential transaction represents. We were therefore surprised and disappointed that Wyndham decided to disengage,” said Patrick Pacious, President and CEO of Choice Hotels.

In April, Choice contacted Wyndham regarding a potential transaction, proposing to acquire the hotel for $80 per share, comprising 40% cash and 60% Choice stock. Choice soon followed up with another offer of $85 per share, comprising 55% cash and 45% Choice stock.

As of Monday, Choice had a total market cap of $6.29 billion, while Wyndham’s market cap was $5.82 billion.