Starwood favors Anbang鈥檚 takeover bid
Print Edition
STARWOOD Hotels said yesterday that it favors a takeover bid from a consortium led by China’s Anbang Insurance over an earlier deal with Marriott, after the Anbang group increased its offer.
Starwood’s board was persuaded by Anbang’s US$2 increase in its Monday offer to US$78 a share, and said it plans to notify Marriott International that their already agreed merger was off.
Starwood had agreed to Marriott’s US$63.74 per share cash-and-stock offer in November for its network of 1,270 properties in 100 countries and regions, including the Westin, Sheraton, Le Meridien and W brands.
But the Chinese company stepped in this week as it announced nearly US$20 billion in two proposed hotel takeover deals.
The Anbang proposal values Starwood at US$13.2 billion and comes as the Chinese giant has also agreed to buy a portfolio of 16 luxury hotel and resort properties from the Blackstone group for US$6.5 billion.
With the new Anbang offer, Starwood’s board said in a statement that it “intends to terminate the Marriott merger agreement and enter into a definitive agreement with the consortium.”
Anbang’s partners in the deal include China-based Primavera Capital and US private equity investor JC Flowers & Co.
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