Marriott Outbids Anbang For Starwood
Marriott's acquisition of Starwood Hotels & Resorts seemed like a done deal when it was announced last November. It turns out Marriott had to sweeten the pot a bit.
Marriott planned to buy Starwood for $12.2B at the time. Chinese investor Anbang Insurance Group, which just took Strategic Hotels & Resorts off The Blackstone Group's hands last week in a $6.5B deal, tried to block Marriott's play with its most recent $14.1B offer.
Marriott raised its bid to $14.4B, which was enough to satisfy Starwood...for now, Crain's reports. Anbang could still contest Marriott's bid to create the world's largest hotel company. The amended deal gives Starwood shareholders $21 in cash and 0.80 shares of Marriott International Class-A stock for each Starwood share. Your move, Anbang. [Crain's]