Starwood takeover saga continues: Anbang ups its offer
by Jane Kitchen | 29 Mar 2016
The recently-opened St Regis Dubai is one of Starwood's more than 1,270 properties in 100 countries
The Chinese consortium led by Anbang Insurance Group that is trying to buy Starwood has upped its offer, making it “reasonably likely to lead to a ‘Superior Proposal’ as defined in Starwood’s merger agreement with Marriott International,” Starwood said in a statement.
Marriott agreed to buy Starwood in November 2015 for US$12.2bn, but a rival offer from Anbang on 18 March threatened the deal. Marriott then came back with a higher offer of US$13.6bn, but now Anbang’s latest offer threatens the deal once again.
Anbang offered US$81 per share for Starwood on 26 March, a move that Starwood’s board determined was “reasonably likely” to lead to a superior proposal – which allowed them to engage in talks with Anbang. Anbang then increased its offer to US$82.75 per share in cash for Starwood stock in those discussions – or about US$14bn.
Marriott today (29 March) said in a statement that it is “confident that the previously announced amended merger agreement is the best course for both companies,” but has not announced whether it will counter-bid.
Marriott was due to hold a stockholder meeting today to vote on the acquisition; that has been moved to 8 April. Starwood’s stockholder meeting has also been moved to 8 April.
In the statement, Marriott cautioned that “Starwood stockholders should give serious consideration to the question of whether the Anbang-led consortium will be able to close the proposed transaction, with a particular focus on the certainty of the consortium’s financing and the timing of any regulatory approvals.”
Marriott has more than 4,300 properties in 85 countries and territories, and operates and franchises hotels under The Ritz-Carlton, Bvlgari, Edition, JW Marriott, Autograph Collection, Renaissance, Marriott, Delta brands and more. Starwood has more than 1,270 properties in 100 countries, and operates and franchises the St. Regis, The Luxury Collection, W, Design Hotels, Westin, Le Meridien, Sheraton, Four Points by Sheraton, Aloft, Element and the recently introduced Tribute Portfolio brands.
starwood marriott anbang merger21 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 Chinese consortium led by Anbang Insurance Group that is trying to buy Starwood has upped its offer, making it “reasonably likely to lead to a ‘Superior Proposal’ as defined in Starwood’s merger agreement with Marriott International,” Starwood said in a statement. Marriott agreed to buy Starwood in November 2015 for US$12.2bn, but a rival offer from Anbang on 18 March threatened the deal. Marriott then came back with a
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