MARRIOTT International Inc is facing the prospect that four months of work towards completing a purchase of Starwood Hotels & Resorts Worldwide Inc coming undone.
Starwood received a takeover offer of US$82.75 a share, or US$14 billion, from a group led by China's Anbang Insurance Group Co.
That's higher than Marriott's last bid, raising the stakes for the lodging company to counter a second time to save a merger that would create the world's biggest hotel operator.
Marriott has planned for the acquisition since November, when Starwood first agreed to be bought by its larger rival in a cash-and-stock deal. "The time and energy they've invested is not something they're going to happily walk...