Choice Hotels International has ended its US$8 billion takeover bid for Wyndham Hotels and Resorts, the business reported on Monday.

The exchange offer to acquire all of Wyndham’s issued and outstanding shares expired on Friday March 8.

In a statement on Monday, Choice said that it had received support from some Wyndham shareholders, but that it wasn’t sufficient for a deal to be done, particularly given the opposition of Wyndham’s Board of Directors.

“Choice intends to continue focusing on its standalone strategy, which the company is confident will create significant long-term value for its stockholders and franchisees,” the company said in a statement.

The Wyndham Board said it is pleased that the takeover bid has ended.

“We are confident in Wyndham’s standalone strategy and growth prospects under the leadership of our proven management team,” said Chairman of the Board, Stephen P. Holmes.

“The Board remains committed to acting in the best interests of our shareholders and driving superior long-term value creation.”

Wyndham, President and Chief Executive Officer, Geoff Ballotti, said the business is focused on “moving ahead with the execution of our strategic plan, building on our success and generating meaningful value”.