Technogym
Technogym
Technogym

Anbang withdraws offer to buy Starwood

by Jane Kitchen | 01 Apr 2016

The consortium lead by Anbang Insurance Group has withdrawn its proposal to acquire Starwood, paving the way for the Marriott/Starwood merger to move ahead. Anbang dropped its offer “as a result of market considerations” and does not intend to make another proposal, Starwood said in a statement.

The statement also said that Starwood’s board of directors continues to unanimously support the existing merger with Marriott. A special meeting of Starwood stockholders to vote on the merger – which would create the world’s largest hotel company – will go ahead as scheduled on Friday, 8 April.

“Throughout this process, we have been focused on maximising stockholder value now and in the future,” said Bruce Duncan, chair of Starwood’s board. “Our board is confident this transaction offer superior value for Starwood’s stockholders, can close quickly, and provides value-creation potential that will enable both sets of stockholders to benefit from future financial performance.”

Thomas B. Mangas, CEO of Starwood, commented: “We are excited to be part of the world’s largest hotel company with an unparalleled platform for global growth. The existing merger agreement provides substantial value to our stockholders through significant upfront cash consideration and long-term upside potential from projected shared synergies, including $250 million in cost synergies and significant revenue synergies, as well as ownership in one of the world’s most respected companies.”

Under the terms of Marriott’s most recent offer from 21 March , Starwood shareholders will receive US$21 (€19, £15) in cash and 0.80 shares of Marriott stock for each share of Starwood stock, for a total transaction value of approximately US$13.3bn (€11.7bn, £9.2bn).

Marriott  Starwood  merger  Anbang 
Related stories
21 Mar 2016

Breaking: Starwood-Marriott merger back on again after Marriott ups its offer

18 Mar 2016

Starwood plans to end Marriott merger deal after ‘superior’ offer from Anbang

14 Mar 2016

Starwood mulls US$12.8bn rival takeover bid

16 Nov 2015

Marriott buying Starwood for US$12.2bn

The consortium lead by Anbang Insurance Group has withdrawn its proposal to acquire Starwood, paving the way for the Marriott/Starwood merger to move ahead. Anbang dropped its offer “as a result of market considerations” and does not intend to make another proposal, Starwood said in a statement. The statement also said that Starwood’s board of directors continues to unanimously support the existing merger with Marriott. A special meeting of Starwood
CLD,SAB,HHR,HOT,RST,DEV,INV
Thomas B. Mangas, CEO of Starwood, said the merger will provide $250 million in cost synergies and significant revenue synergies
More news
News stories: 1 - 30 of 7689     
 
 
 
News stories: 1 - 30 of 7689     
 
 
 
company profile
Company profile: Gharieni Group GmbH
We strive for a seamless integration of functional equipment to create an unparalleled and memorable experience for clients.
Try cladmag for free!
Sign up with CLAD to receive our regular ezine, instant news alerts, free digital subscriptions to CLADweek, CLADmag and CLADbook and to request a free sample of the next issue of CLADmag.
sign up
features
Last word: Tina Norden
Tina Norden
"We have created an approach which is playful, provocative but also functional"

Conran and Partners’ Tina Norden on playing with colour at Prague’s newly redesigned Hotel Maximilian

Movement in the platform creates vibrations, adding a sense of danger
Alan Metcalfe
"When people are a bit scared, they gather together"

Featuring a vibrating glass platform and one of the US’s longest tree canopy walks, Whiting Forest has been designed to bring visitors closer to nature and to one another

The book was published in 2019 by RIBA Publishing
Elina Grigoriou
"Temperature, noise level and colour affect our stress levels. As designers we should be asking ourselves, how do these things match up?"

The London-based interior designer and wellness expert hopes her new book will help readers understand how to design with wellbeing in mind

Catalogue Gallery
Click on a catalogue to view it online
To advertise in our catalogue gallery: call +44(0)1462 431385
features
Interview: Blurred lines
Scott Lee became president of SB Architects in 2000. Tracy Lee founded TLee Spas in 2015
"We design to connect the guest to the place, positioning people at the centre of the design"

Architect Scott Lee and spa consultant Tracey Lee on marrying the worlds of design and wellness in a series of interesting projects

Equinox Hotel Hudson Yards is housed in 35 Hudson Yards, a tower building designed by SOM’s David Childs
"Further hotels have been confirmed for Los Angeles, Santa Clara, CA, Seattle, Chicago and Houston"

Rockwell Group and Joyce Wang on the inspirations behind the guest rooms, public spaces, spa and gym at Equinox Hotel Hudson Yards

Interview: Elizabeth de Portzamparc
Elizabeth de Portzamparc
"We need to stop the destruction of our world through predatory practices. We need to think of the future"

The architect behind Nimes’ Musée de la Romanité on designing to counter loneliness and the need for more cultural buildings

features
Olga Polizzi is director of design for Rocco Forte Hotels and also owns two of her own hotels
"On Via Sistina, everything breathes history. At the same time I wanted to reflect the modern hunger for the fantastical - Tommaso Ziffer"

Following the highly anticipated launch of Rome’s Hotel de la Ville, Rocco Forte’s director of design reflects on a fascinating project

Building the hotel involved draining and refilling most of the quarry water
Martin Jochman founded JADE+QA in 2013. He formerly worked for Atkins
"We didn’t want to put in any gimmicks. We wanted to create a building that’s inherently sustainable through passive sustainability"

When Martin Jochman set out to transform an old quarry into a luxury hotel, he faced some serious challenges

Marianne Shillingford
"The technology involved in paint is extraordinary"

Used cleverly, colour has the power to influence how people use the spaces they inhabit, says the creative director of Dulux

cladkit product news
Jaffe Holden helps bring Academy Museum of Motion Pictures alive
Jaffe Holden provided architectural acoustics for the Academy Museum
Magali Robathan
Acoustical consulting firm Jaffe Holden provided architectural acoustics and audio/video design services for the recently opened Academy Museum of Motion ...
Fabio Alemanno Design uses elegant semi-precious stones to create memorable spa experiences
Alemanno believes the stones are well-placed in the spa environment thanks to their capacity to positively support physical and mental health
Megan Whitby
Fabio Alemanno Design has expanded its collection with semi-precious stones to enhance spas, wellness facilities, hotels and private residences. The ...
Codelocks develops new glass door smart lock
The new lock model allows facilities and building managers to create and manage access via an app or online portal
Megan Whitby
Codelocks has launched its first glass door smart lock to bring intelligent access control to modern spa, leisure, fitness and ...
cladkit product news
Cosm unveils Experience Centre with ‘one of a kind’ LED dome
The new Experience Centre houses a 20m LED dome
Magali Robathan
Cosm, a global technology company that builds end-to-end solutions for immersive experiences, has unveiled its Experience Centre which houses a ...
Móz Designs columns anchor the world’s largest indoor aquarium
The design of the columns was inspired by the sea
Magali Robathan
After a two-year renovation, Oakland-based metal experts Móz Designs have unveiled their inclusion in Georgia Aquarium’s new shark gallery. Located ...
Alberto Apostoli designs tech-forward Wellness Therapy furniture collection for Varaschin
The furniture collection draws on absolute geometries, pure lines, neutral colours and strong references to nature
Megan Whitby
Furniture manufacturer Varaschin has unveiled the new Wellness Therapy range, designed by Italian spa and wellness architect and designer Alberto ...
cladkit product news
Eden project uses drones to spell out climate change warning
Magali Robathan
Almost 300 drones were used to signal an environmental message above the Eden Project’s biomes, during the UN Climate Change ...
Alberto Apostoli and Newform collaborate to launch the A.Zeta showerhead
The showerhead offers two modes; rainfall or waterfall
Megan Whitby
Italian architect Alberto Apostoli has renewed his partnership with Newform – an Italian wellness company – and designed A.Zeta. A.Zeta ...
Diamond balloon concept merges tourist attraction with advertising billboard
Magali Robathan
A group of Dutch engineers have presented a new attractions concept that combines a flying observation cabin with LED digital ...
x
Sign up with CLAD for regular news updates
Technogym
Technogym