Starwood reject Marriott deal in favour of Anbang merger

Starwood Hotels & Resorts has rejected a proposed takeover by Marriott International, preferring to explore what it views as a “superior offer” from a consortium led by Anbang. The Chinese insurance giant tabled a bid of $78 per share for the American hotel giant earlier, valuing the company at $13.2 billion. Marriott now has until March 28th to respond with a higher bid. If the American company decides to do so, a highly likely scenario, a bidding war will begin. Following the latest offer, Starwood’s share price climbed above the…

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