March 18, 2016
(Reuters)
- Starwood Hotels & Resorts Inc <HOT.N>, the operator of
Sheraton and Westin hotels, said on Friday it planned to accept a raised
buyout offer from a group led by China's Anbang Insurance and scrap its
deal with Marriott International Inc <MAR.O>.
A
successful deal would bolster Anbang's reputation as one of China's top
corporate acquirers and would follow its purchase of New York's iconic
Waldorf Astoria hotel last year.
It would also be the biggest acquisition of a U.S. company by a China-based investor.
Anbang's
new offer raises the value of Starwood to $13.16 billion from $12.82
billion, based on shares outstanding as of Feb. 19. Marriott had offered
$12.2 billion for Starwood.
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