Wyndham drops equity sales plan after share tumble
Hotel owner Wyndham Worldwide Corp dropped plans on Monday to issue up to $200 million in stock after a prominent hedge fund manager criticized the idea and its shares sank nearly 30 percent. The plan was withdrawn in response to the 'strongly negative' market reaction, Wyndham Chairman and Chief Executive Stephen Holmes said in a statement. He said the company would continue to actively manage its business to maximize cash flow from operations and strengthen its financial position. Wyndham has 'adequate liquidity to meet the operating needs of the business,' he said.