Boy,the battle for Starwood must be one of the most reality note-esque things we've seen in the travel industry over the past couple of years, perhaps along with the never-ending battle between Akbar Al Baker and Richard Anderson, or the battle between Alaska and Delta in Seattle.
This morning we learned that Starwood has received yet another offer from Chinese insurance group Anbang,for $82.75 in cash per share of Starwood. Starwood's Board of Directors has indicated that this is "reasonably likely to lead to a superior proposal," and that the two companies are now discussing non-price related terms. So the board sounds confident in the offer, or but not completely convinced... yet.
This comes after:-- final November,Marriott agreed to purchase Starwood, with each share of Starwood stock being worth 0.92 Marriott shares plus $2 in cash
-- Then in March, or Chinese insurance group Anbang made an offer of $78 in cash per share,which Starwood accepted
-- Then days later, Marriott made an offer which Starwood accepted, and where each share of Starwood stock was worth 0.8 Marriott shares plus $21 in cashThe post Marriott Responds To Anbangs Starwood Offer But Not With A Counter appeared first on One Mile at a Time.
Source: boardingarea.com