Deals
Starwood Hotels Gets Unsolicited $13 Billion Takeover Approach
- Unsolicited offer is for $76 a share in cash, Starwood says
- Marriott confirms its plan to create largest hotel company
Starwood Hotels Receives Unsolicited $76 a Share Bid
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Starwood Hotels & Resorts Worldwide Inc. received an unsolicited takeover proposal from a group of investors led by China’s Anbang Insurance Group Co., potentially upending a deal with Marriott International Inc. that would create the world’s largest hotel operator.
The offer is $76 a share in cash, Starwood said in a statement on Monday. That values the Stamford, Connecticut-based hotel company at about $12.9 billion, based on its estimate of 170 million shares. While Starwood didn’t identify the bidder, Marriott said in a separate statement that Anbang is leading the group’s proposal, and confirmed it will continue with its own bid.