An-bang, thank you ma'am
The big news is, that the consortium led by Anbang (the Chinese insurance group) has pulled out of the race to acquire Starwood. They left as quickly as they entered, and it is now all up to Marriott to clean up what remains, and complete the deal, once the shareholders vote in the next few days. Here's more... If you've been following the story of Starwood's acquisition by Marriott, you'll know that in November last year, Marriott made an offer to acquire Starwood in a mostly-stock deal that valued Starwood at US$12.2 billion. Things looked pretty set for a while (except for SPG loyalists), until the middle of March this year, when a rather-little-known Chinese insurance company called Anbang made a counter bid (via a consortium that it led) for Starwood, in an all-cash deal, for $13.2 billion , significantly topping Marriott's original offer. Marriott then responded within a week, with a counter-offer of $13.6 billion . Each of the counter offers so far represen...