Starwood Hotels and Resorts said Friday that it is dumping a previous deal to sell itself to Marriott International after a different group of investors made a better offer — but that it will give Marriott a chance to improve its bid before finalizing the sale.
Starwood disclosed that China-based Anbang Insurance, U.S. private equity firm J.C. Flowers & Co. and China-based investors Primavera Capital Limited had offered $78 per share, or about $13.2 billion — more than Marriott's offer of $65.33, or about $11 billion.
Also read: Microsoft Closes Acquisition of LinkedIn
21:17 Lawmakers Change Their Tone on AT&T and Time Warner Deal23
22:00 Sanofi exploring bid for Actelion amid J&J talks: Bloomberg16
14:49 Trump warns of ‘retribution’ for companies that offshore jobs, threatening 35 percent tariff19
18:05 DP World, Quebec's Caisse to create C$5 billion investment vehicle21