The Wall Street Journal and other media outlets are reporting that Starwood Hotels & Resorts received an unsolicited bid from a Chinese-led investor group including Anbang, Primavera Capital and J.C. Flower at $76 a share in cash. The total value of the proposal is said to be worth around $14 billion.
As announced on Nov. 16, 2015, Starwood entered into a definitive merger agreement with Marriott International, under which Marriott would acquire Starwood in a stock and cash transaction. Starwood has received a waiver from Marriott enabling it to engage in discussions with the bidding companies.
According to an official press release, Starwood commenced discussions with the interested parties on March 11, 2016. And the Marriott discussion waiver expires at 11:59 pm Eastern on March 17.
Starwood’s Board of Directors said it still recommends the merger with Marriott. Marriott in turn responded with a press release saying it would monitor this development as it and Starwood continue to work toward the closing of its transaction and the successful integration of the two companies.
As previously reported, separate stockholder meetings to approve the announced Marriott-Starwood merger have been scheduled for 10 a.m. Eastern Time on March 28, 2016. The hotel companies also recently announced they had cleared the premerger antitrust review in the United States.
