Sheraton-owner Starwood accepts higher offer from Marriott

March 21, 2016 11:34 AM

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Sheraton-owner Starwood accepts higher offer from Marriott

Marriott International Inc (MAR.O) said it made a higher offer for Starwood Hotels and Resorts Worldwide Inc (HOT.N) that was accepted by the owner of the Sheraton and Westin hotel brands.

The new stock-and-cash offer is worth $79.53 per share, or $13.6 billion, and tops an all-cash $78 per share, or $13.16 billion, offer from a group led by China's Anbang Insurance Group Co.

Also read: Consolidated Communications to buy FairPoint in $1.5 billion deal

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