Marriott Starwood | Teplis Travel

Marriott-Starwood Deal Not “Done” Yet

Just when you thought it was signed, sealed and delivered the deal between Marriott and Starwood has taken on a new wrinkle. China’s Anbang Insurance Group Co has challenged Marriott’s bid with a $12.8 billion cash offer. Who knew they were still bidding? Turns out Starwood had a waiver to negotiate further, with a March 18 deadline. Anbang, whose $2 billion acquisition of the iconic Waldorf Astoria Hotel in New York was completed last year, currently values Starwood at $76 per share, substantially higher than Marriott’s offer, which was pegged at $67.22 per share in November. “Anbang’s non-binding offer places Starwood shareholders in the difficult position of choosing between Marriott’s bird-in-a-hand firm commitment and Anbang’s two-in-the-bush offer,” Nomura Securities analyst Harry Curtis wrote in a note to clients. To read more at The New York Times, click here.

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