Thought the Marriott-Starwood merger was a done deal? Better think again.
Starwood Hotels & Resorts determined that a Chinese-led investor group’s latest bid amounting to nearly $13.2 billion was superior to Marriott International’s buyout offer that amounts to around $11.5 billion.
As previously reported the Chinese business consortium that is vying for Starwood is led by Anbang Insurance and also includes Primavera Capital and J.C. Flower. The group upped its offer on Friday to $78 a share compared to Marriott’s original $68.06 per share bid, which Starwood saw as being the “superior proposal.”
Starwood announced that Marriott has through March 28 to make a new offer—the date that was initially set for separate Marriott and Starwood stockholder meetings to approve the Marriott-Starwood merger.
If Starwood were to accept the consortium’s proposal over Marriott’s it would be the largest ever deal completed by a Chinese company in the United States, according to Reuters.
It also should be noted that another recent Anbang acquisition has already begun to raise security concerns among certain circles in the U.S. and the Starwood deal would be subject to strict regulatory review.
