Technogym
Technogym
Technogym

Starwood takeover saga continues: Anbang ups its offer

by Jane Kitchen | 29 Mar 2016

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  merger 
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 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
CLD,SAB,HHR,HOT
The recently-opened St Regis Dubai is one of Starwood's more than 1,270 properties in 100 countries
More news
News stories: 1 - 30 of 7662     
 
 
 
News stories: 1 - 30 of 7662     
 
 
 
company profile
Company profile: Polin Group
Market leader in design, manufacturing and installation of waterslides and water leisure developments.
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
Health & Fitness: Working it
"We’ve designed the space so that the atmosphere is intimate"

Les Mills’ new studio spaces at its iconic Auckland City Gym showcase a trend away from masculine ‘grunty’ gyms to something altogether different

The project to restore Houson’s Memorial Park is ongoing
Thomas Woltz
"I am very proud of stewarding the largest public space to be built in Manhattan in a century"

The Wall Street Journal’s Design Innovator of the Year on designing the gardens at Hudson Yards and looking to the Native Americans for ideas on how to create a resilient future

Catalogue Gallery
Click on a catalogue to view it online
To advertise in our catalogue gallery: call +44(0)1462 431385
features
The Jean-Georges Vongerichten restaurant features 12m-high floor-to-ceiling windows
Dana Kalczak
"If we had focused entirely on high tech in the hotel, the artistry we normally strive for would have been compromised"

Four Seasons’ vice president of design speaks to CLAD about working with Norman Foster and creating magical moments

Interview: John McElgunn and Stephen Barrett
Stephen Barrett (left) 
and John McElgunn (right) were both made partners at RSHP in 2016
"Leisure space – public space – is at the very root of democracy, and architecture is about democracy"

As RSHP completes its latest cultural project, we speak to two of its partners about why Richard Rogers isn’t leaving his succession to chance

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

features
"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

CopenHill is part of an extensive regeneration of the former industrial dockland area of Amager
"It was born from the sheer anxiety of having to submit something brilliant in a very short timescale"

How a moment of desperation led to BIG’s CopenHill, the clean power plant that’s doubling as a skiing and leisure destination. Magali Robathan speaks to the architects that made it happen

Schmidt Hammer Lassen’s Dokk1 library and urban space in Aarhus, Denmark
"Most clients are very focused on how buildings are used and experienced as the primary design driver"

The MD of Schmidt Hammer Lassen and the CEO of PerkinsWill tell us why their merger will help create smarter buildings driven by human behaviour

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 ...
LianTronics’ glasses-free 3D Star Trek LED screen attracts attention
Magali Robathan
LianTronics’ giant curved LED wall with stunning glasses-less 3D spaceship display effect has attracted many on the street of Chengdu, ...
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 ...
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 ...
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 ...
cladkit product news
Christie laser projectors power new Five Senses Bubble dome theatre
The dome aims to integrate technology with arts and culture
Magali Robathan
Christie® GS Series 1DLP® laser projectors are delivering vivid and lifelike visuals in a new dome theatre located in Xiong’an ...
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 ...
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 ...
x
Sign up with CLAD for regular news updates
Technogym
Technogym