Starwood Hotels & Resorts, now on a merger path with Marriott International, has come across a takeover bid from a “consortium” of investors led by the Chinese insurance group Anbang for an aggregate value of $13 billion that works out to a unit share price of $76.
Marriott International, with which Starwood is already holding discussions on the merger deal, has temporarily authorized the latter’s Board of Directors to meet the “consortium” representatives and to do a detailed study of the offer until March 17. It was a for a cash payment of $2 per share in addition to the remainder in Marriott shares, which tallies to around $11 billion, that the merger of the two American groups was accepted. As per the directive of Marriott, the Starwood Board of Directors, which still favours an outright merger with the former, will hold parleys with those representing the “consortium”.
Read the full story here: Starwood Hotels receives a takeover bid for $13 billion