Starwood agrees to sweetened Marriott bid

Deal worth around $13.6 billion trumps China’s Anbang
Starwood Hotels & Resorts Worldwide has agreed to a sweetened $13.6 billion deal from Marriott International, trumping last week’s bid from a consortium led by China’s Anbang Insurance Group by $600 million.
Starwood said on Monday afternoon that the Anbang offer “no longer constituted a superior proposal”, adding that the terms of the deal forbids any further talks with the Chinese company, which owns New York’s Waldorf Astoria.
“We are pleased that Marriott has recognised the value that Starwood brings to this merger and enhanced the consideration being paid to Starwood shareholders,” said Starwood Chairman Bruce Duncan.
Marriott Chief Executive Arne Sorenson said in a conference call with investors and analysts that his company believed there are “more cost synergies” than previously estimated.
Wall Street Journal

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