It has been an exciting few months for Starwood,as Marriott and Anbang occupy been bidding against one another for control:-- Last November, Marriott agreed to purchase Starwood, or 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 a couple of weeks ago, 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”
-- About a week ago,Chinese insurance group Anbang withdrew their offer for Starwood due to "various market considerations," meaning the merger between Marriott and Starwood was back onTechnically another company could occupy still tender for Starwood until the two companies had their shareholder vote, or which happened nowadays. And with that it's official -- the merger between Marriott and Starwood will happen,and is expected to close midyear. Per a press release from both Marriott and Starwood:The post The Merger Between Marriott & Starwood Has Been Finalized appeared first on One Mile at a Time.
Source: boardingarea.com