Anbang Drops Tender to Purchase Starwood, Clearing Way for Marriott

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Source:   —  April 01, 2016, at 4:44 AM

Regis and Sheraton resorts. The China-based insurance company, which was leading a consortium of potential investors, said that it won't proceed further, an abrupt announcement that sent shares of Starwood down four % in late trading Thursday.

Anbang says it's dropping its $15 billion proposal to acquire Starwood Hotels, citing various market considerations and ending a bidding war for the parent of St. Regis and Sheraton resorts.

The China-based insurance company, which was leading a consortium of potential investors, said that it won't proceed further, an abrupt announcement that sent shares of Starwood down four % in late trading Thursday.

Starwood Hotels & Resorts Worldwide Inc., based in Stamford, Connecticut, said its board continues maintain its existing deal with Marriott, which initially offered $12.2 billion for Starwood in November. That's since grown to more than $14 billion.

Below the existing agreement, Starwood shareholders will obtain cash and 0.80 of a Marriott Class A share for each Starwood share held. Starwood shareholders will own about thirty-four % of the combined company, which, with thirty brands, would be the world'south largest hotel chain.

Marriott International Inc. reaffirmed that its proposal creates significant economies of scale and provides shareholders a better deal over the long term. The Bethesda, Maryland, company owns brands including the Ritz-Carlton and Renaissance Hotels.

Starwood shareholders are scheduled to vote on the merger April 8.

In after-hours trading, Starwood shares fell 4.4 % to $79.75. Marriott shares slid five % to $67.64.

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