starwood hotels dumps marriott for raised chinese bid
Last Updated : GMT 06:49:16
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Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Starwood Hotels dumps Marriott for raised Chinese bid

Arab Today, arab today

Arab Today, arab today Starwood Hotels dumps Marriott for raised Chinese bid

Starwood's board was persuaded by Anbang's $2 increase in its Monday offer to $78 a share
New York - AFP

Starwood Hotels said Friday that it favors a takeover bid from a consortium led by China's Anbang Insurance over an earlier deal with Marriott, after the Anbang group increased its offer.

Starwood's board was persuaded by Anbang's $2 increase in its Monday offer to $78 a share, and said it plans to notify Marriott that their already agreed merger was off.

Starwood had agreed to Marriott's $63.74 per share cash-and-stock offer last November for its network of 1,270 properties in 100 countries, including the Westin, Sheraton, Le Meridien and W brands.

But the Chinese giant stepped in the way this week as it announced nearly $20 billion in two proposed hotel takeover deals.

The Anbang proposal values Starwood at $13.2 billion and comes as the Chinese giant has also agreed to buy a portfolio of 16 luxury hotel and resort properties from the Blackstone group for $6.5 billion.

With the new Anbang offer, Starwood's board said in a statement that it "intends to terminate the Marriott merger agreement and enter into a definitive agreement with the consortium.

 

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starwood hotels dumps marriott for raised chinese bid starwood hotels dumps marriott for raised chinese bid

 



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starwood hotels dumps marriott for raised chinese bid starwood hotels dumps marriott for raised chinese bid

 



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