The American hotel group Marriott International increased its bid for Starwood Hotels & Resorts, in a face-off with the Chinese insurance company Anbang.
Marriott had until March 28 to outbid the Chinese insurer Anbang and its associates, JC Flowers and Primavera Capital. Marriott revised its bid upward after the initial offer, increasing it from $76 to $78 for a cash takeover of all 171 million Starwood shares. Starwood Hotels group was then valued at 13.33 billion dollars, surpassing Marriott's offer of 65$ per action (71$ including the the timeshare business), including the part paid in cash.
- Starwood Hotels receives a takeover bid for $13 billion
- Marriott and Starwood stockholders to approve combination transactions next March 28
- A look at a year of consolidation in the hotel industry
- Marriott announces acquisition of Starwood Hotels group
- 2015: a record year for Starwood Hotels & Resorts summed up in numbers [infographic]
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