China-led group targets Starwood; tops Marriott offer
U.S. hotel operator Starwood Hotels & Resorts Worldwide Inc (HOT.N) received a buyout offer from a consortium led by China’s Anbang Insurance Group, possibly derailing the company’s planned takeover by rival Marriott International Inc (MAR.O).
The offer of $76 per share in cash values Starwood at $12.84 billion. The consortium also includes private equity firms J.C. Flowers & Co and Primavera Capital Group, a source told Reuters.
Marriott said it remained committed to its offer for Starwood, which would create the world’s largest hotel chain with top brands including Sheraton, Ritz Carlton and the Autograph Collection. Read more