Pursuits
Starwood's China Suitor Quits Party as Fast as He Crashed It
- Hotel operator had merger documents prepared for a deal
- Insurer had assuaged concerns on funding, regulatory risks
Anbang Abruptly Pulls Starwood Offer
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Anbang Insurance Group Co. was a surprise entrant when it emerged three weeks ago as the lead bidder for Starwood Hotels & Resorts Worldwide Inc. Its decision to back out of the $14 billion takeover offer was just as unexpected.
Yet negotiations to buy Starwood were rocky even as they began last year, stumbling for the first time in November and leading the Chinese insurer to walk away, according to regulatory filings and a person with knowledge of the matter.