Starwood and Marriott Merger Looks to be Back On Thanks to New Offer. Starwood Hotels & Resorts Worldwide Inc and Marriott International Group Inc are again looking at merging thanks to an increased from Marriott. The new offer of £9.2bn is an increase on the previous offer made by Marriott as they have needed to fend off interest from the Chinese company Anbang Insurance Group who have also had an interest in the hotel chain.
Anbang issued a £9bn cash offer earlier in March which trumped Marriott’s initial offer. The Chinese offer forced Starwood to say that it would look to terminate the original merger agreement with Marriott unless new revisions were made to the terms of agreement
The increased offer of £9.2bn has now been accepted by Starwood who have gone so far as to describe it as a “superior proposal.” Chairman of the Board of Directors, Bruce Duncan stated that, “We are pleased that Marriott has recognised the value that Starwood brings to this merger and enhanced the consideration being paid to Starwood shareholders. We continue to be excited about the combination of Starwood and Marriott, which will create the world’s largest hotel company with an unparalleled platform for global growth in the upscale segment.”
The merger is still currently ongoing and as we go to press no counter offer has been issued yet by Anbang or any other suitor. We will update as the deal progresses and further details emerge.
To keep up to date with the releases, financial information and potential merger deals we recommend checking out the official pages of Marriott and Starwood. It is here that any official merger or proposals will be announced, alternatively you can check their share prices out. The official website details are: