Anbang bumped: Starwood accepts higher offer from Marriott
Starwood Hotels and Resorts Worldwide Inc (HOT.N) on Monday agreed to a higher $13.6 billion offer from Marriott International Inc (MAR.O), a proposal that trumped a bid by China’s Anbang Insurance Group Co.
Starwood, the owner of the Sheraton and Westin hotel brands, said Anbang’s proposal no longer constituted a “superior proposal” and under the revised merger agreement it was not allowed to engage in discussions with Anbang.
Marriott’s new stock-and-cash offer is worth $79.53 per share. Read more