Starwood accepts Marriott's new and improved offer

Here's the latest in a story that's been developing in the last week or so, about Marriott's acquisition bid for Starwood that it put out in November last year. Last week, a consortium led by Anbang Insurance of China put in a bid of US$13.2 billion, compared to Marriott's initial offer of $12.2 billion. Marriott had the opportunity to provide a better proposal, and has indeed done that now, with a bid of $13.6 billion, as reported by Wall Street Journal. Here's more.


Marriott's new offer is for 0.80 shares of Marriott plus $21 in cash per share of Starwood. The earlier offer by Marriott was for 0.92 Marriott shares plus $2 in cash, but after Anbang's all-cash offer, Marriott seems to have sweetened both its price and the settlement mechanism. And more importantly, Starwood has accepted this new offer by Marriott.

In theory, Anbang may be able to come up with an even higher bid. Who knows? All we can say is that there will be updates in the coming days and weeks, so do watch this space.

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