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Marriott revives Starwood merger deal with improved £9.4bn offer

Starwood had accepted rival proposal from consortium led by the Anbang Insurance Group

Pictured: Starwood is the subject of a new £9.4 billion bid from Marriott

Marriott International has returned fire in its attempts to take over Starwood Hotels & Resorts, increasing its offer to £9.4 billion to outbid a consortium led by the Chinese Anbang Insurance Group.

Marriott heads announced today that both companies had signed an amendment to their merger, paving the way to become the biggest hotelier in the world.

The revised bid could spell the finalisation of the buyout, with Starwood saying that it was not allowed to engage in talks with the Chinese company under the terms. Starwood said Anbang's offer no longer constituted a "superior proposal".

It comes just days after Starwood announced it was accepting the £9bn proposal from the Chinese consortium, which was considered a ‘superior’ proposal from that tabled by Marriott in November. Starwood, which counts the Sheraton, Le Meridien and Westin hotel brands among its portfolio received the consortium’s offer last week.

If the deal is given the final board approval, the company will own more than 5,500 hotels and more than 1.1 million rooms, creating the largest hotelier in the world. 

  • Hugo Ponsonby Smythe of PS Taker Investments Ltd 21/03/2016

    Oh Editor. Changing the story after my first post. It makes me look stupid now. But you haven't changed the image caption. Yet.

    It will go for $15 billion. The Chinese group supposedly now can't be contacted by Starwood but expect them to up the offer. They want western assets not profits.

    I could be wrong. I often am.

  • Hugo Ponsonby Smythe of PS Taker Investments 21/03/2016

    No doubt Marriott will up its offer. I reckon to £9.45 billion. 5% on top.

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