Question: When Choise Hotels ( CHH ) made a tender offer for Wyndham Hotels ( WH ) , stock price of CHH declined but stock price

When Choise Hotels (CHH) made a tender offer for Wyndham Hotels (WH), stock price of CHH declined but stock price of WH increased. How do you interpret the stock market reaction?
CHH's tender offer is below WH's fair value.
The tender offer benefits CHH stockholders more than WH stockholders.
CHH overpaid WH.
WH management's effort to resist the takeover was in the best interest of its shareholders.

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