Starwood accepts sweetened bid from Marriott

Berlin

STARWOOD Hotels & Resorts Worldwide Inc accepted an improved bid from Marriott International Inc valued at US$13.6 billion, topping an offer from a group of investors led by China's Anbang Insurance Group Co.

Under the terms of the new offer, Starwood shareholders will receive US$21 in cash and 0.80 shares of Marriott common stock for each Starwood share, according to a statement on Monday. Starwood shareholders will own about 34 per cent of the combined company's common stock after the merger is completed, based on current shares outstanding.