Marriott Set to Buy Starwood After Anbang Backs Out
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It was just a few days ago when we heard that the Anbang Consortium upped their offer to buy Starwood and Starwood loyalists gripped their seat as they waited to see what would happen.
Starwood was looking for a buyer, and there were several interested parties. The leader of the pack was Marriott, and in November 2015 Marriott International and Starwood Hotels & Resorts Worldwide made an announcement about the potential merger between the two companies. A consortium consisting of Anbang Insurance Group, MC Flowers, and Primavera Capital offered a surprise unsolicited bid, Marriott made a counter offer and Anbang made their own revised bid.
Now, we’re hearing reports that Anbang is backing out, and no reason has been given yet.
This means that unless a new bidder steps in, Marriott will be the winner and buyer of Starwood.
At least this means that Starwood wouldn’t have to pay the $450 million breakup fee for terminating their agreement with Marriott.
Do you think the tug-of-war is over to buy Starwood?
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