Starwood Hotels' top bidder Anbang withdraws proposal

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Source:   —  April 01, 2016, at 3:48 AM

The Chinese company Anbang has withdrawn its tender for Starwood Hotels and Resorts, leaving Marriott International the sole remaining bidder for the hotel chain.

Starwood Hotels' top bidder Anbang withdraws proposal

The Chinese company Anbang has withdrawn its tender for Starwood Hotels and Resorts, leaving Marriott International the sole remaining bidder for the hotel chain.

A deal between Marriott and Starwood would create the the world'south largest hotel company.

After Marriott made its first tender to purchase Starwood for $12 billion in November, Chinese insurer Anbang swooped in with a sweeter offer. But Anbang is pulling out of negotiations just days after offering $14 billion.

"We were attracted to the opportunity presented by Starwood because of its high-quality, leading global hotel brands, which met many of our acquisition criteria, including the skill to generate consistent, long-term returns over time," Anbang said in a statement, but the company won't pursue Starwood further due to "various market conditions."

With Anbang out of the picture, Starwood may go for Marriott'south latest proposal of a $13.8 billion buyout.

Starwood owns the Sheraton, Westin and west hotel chains, and Marriott'south brands comprise Courtyard and Ritz-Carlton.

Marriott and Starwood didn't immediately reply to requests for comment.

Investors weren't enticed by the pending deal. Starwood (HOT) and Marriott (MAR) shares each shed more than four percent after the news broke Thursday evening.

CNNMoney'south Cristina Alesci and CNN'south Clare Sebastian contributed to this report

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