Pursuits
Marriott Wins Starwood Hotels Support With Improved Takeover Offer
- Marriott boosts cash portion to $21 a share, plus 0.80 stock
- Investors await possible new bid from rival Anbang group
Starwood Accepts Marriott's Offer
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Starwood Hotels & Resorts Worldwide Inc. accepted an improved takeover offer from Marriott International Inc. valued at $13.6 billion, proceeding with plans to form the world’s largest hotel operator after investors led by China’s Anbang Insurance Group Co. sought to thwart the deal.
Under the terms of the new offer, Starwood shareholders will receive $21 in cash and 0.80 share of Marriott common stock for each Starwood share, according to a statement on Monday. It values the company at $79.53 a share, based on Marriott’s closing price Friday, compared with a cash bid of $78 a share, or about $13.2 billion, from the Anbang-led group.