Starwood Hotels Plans to Accept Anbang's $13.2 Billion Bid
- Anbang-led group sweetens its offer to $78 a share in cash
- Marriott says it's considering options, has March 28 deadline
Anbang Sweetens Bid for Starwood, Pressuring Marriott
Starwood Hotels & Resorts Worldwide Inc., owner of brands such as Westin, Sheraton and W, said it plans to accept a $13.2 billion takeover bid by China’s Anbang Insurance Group Co. and gave suitor Marriott International Inc. a deadline to make a counteroffer.
Anbang and its partners will pay $78 a share in cash for Starwood, according to a statement Friday. The offer is $2 a share more than the surprise bid the group made last week and eclipses Marriott’s cash-and-stock deal, which Starwood agreed to in November and is now worth $69.31 a share, based on Marriott’s closing price of $73.16. Marriott has a March 28 deadline to renegotiate its agreement and salvage its plan to create the world’s biggest hotel operator.