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Going for the fish or the whale

Anbang challenged Marriott, Starwood smiled - Last night Anbang withdrew

31.3.2016

HOTTEST NEWS: Anbang withdraws
Last night, Starwood Hotels & Resorts announced that the consortium consisting of Anbang Insurance Group Co., Ltd., J.C. Flowers & Co. and Primavera Capital Limited has informed Starwood that, as a result of market considerations, it has withdrawn its non-binding proposal to acquire all of the outstanding shares of common stock of Starwood for $82.75 per share in cash and does not intend to make another proposal. This means, the planned merger procedure with Marriott will continue according to the amended merger agreement, as announced on March 21, 2016. Starwood shareholders will receive $21.00 in cash and 0.80 shares of Marriott Class A common stock for each share of Starwood common stock.
Editor's note: We will leave the following article for this Friday issue untouched, as it still explains which the pros and contras of the different merger options, based on yesterday's information.

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