Choice Hotels International went public Tuesday with a $7.8B stock-and-cash proposal to take over Wyndham Hotels & Resorts, seeking to create a U.S. budget hotel goliath. 
Hours later, Wyndham publicly rejected the offer, citing regulatory and execution concerns.
Choice has been seeking to buy Wyndham since May, The Wall Street Journal reported, but those talks had happened in private until Tuesday morning when Choice wrote a “bear hug” letter.
The offer of $90 per share, with $49.50 in cash and 0.324 shares of Choice’s common stock for each Wyndham share, was a 30% premium over Wyndham’s last closing price, per Reuters. When including debt that Choice would assume, the total value of the offer…