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Anbang makes binding Starwood Hotels bid
Published Fri, Mar 18, 2016 · 09:50 PM
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Seattle
STARWOOD Hotels & Resorts Worldwide Inc, owner of brands such as Westin, Sheraton and W, said it received a binding US$13.2 billion takeover bid from a group led by China's Anbang Insurance Group Co, a superior offer to one by Marriott International Inc.
Anbang and its partners will pay US$78 a share in cash for Starwood, according to a statement on Friday.
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