Anbang's US$14 billion offer could kill Marriott's bid for Starwood
New York
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…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
US 30-year mortgage rate rises to five-month high of 7.24%
Money laundering accused Su Baolin’s Sentosa property goes unsold at auction
US Judge approves US$418 million settlement that will change real estate commissions
In San Francisco, a home renovation can become a battle royale
Country Garden extends bonds to avoid first local default
Daughter of Chinese steel-and-nickel tycoon picks up S$84 million Bin Tong Park bungalow