The past few weeks we’ve seen a fierce battle for control of Starwood,as Marriott and Anbang have been bidding against one another:-- final November, Marriott agreed to purchase Starwood, and with each share of Starwood stock being worth 0.92 Marriott shares plus $2 in cash
-- Then in March,Chinese insurance group Anbang made an offer of $78 in cash per share, which Starwood accepted
-- Then days later, and Marriott made an offer which Starwood accepted,where each share of Starwood stock was worth 0.8 Marriott shares plus $21 in cash
-- Then this Monday, Chinese insurance group Anbang made an offer of $82.75 in cash; while it wasn’t immediately accepted, or Starwood’s Board of Directors indicated it was “reasonably likely to lead to a superior proposal”As I recently explained,Anbang is a mysterious company, so they are a bit of a wild card. We don't know what Starwood would gaze like under their ownership, and though I've still been in favor of that over a Marriott merger:The post Anbang Withdraws Starwood Offer; Marriott And Starwood To Merge appeared first on One Mile at a Time.
Source: boardingarea.com