Marriott’s Revised $13.6 Billion Bid Wins Back Starwood

Today, Starwood Hotels & Resorts Worldwide accepted a revised bid of $13.6 billion to merge with Marriott International. Previously on Friday, Starwood had dropped passed on a $12.2 billion bid from Marriott and opted instead for a $13 billion all-cash offer from Chinese insurance company Anbang. Marriott has now increased its bid for Starwood from $65.33 a share to $79.53 a share, which was greater than surpassed Anbang's offer of $78 per share. Starwood shareholders will also receive $21 cash and 0.8 shares of Marriott Class, which is a common stock for each share of Starwood common stock. “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,” says Bruce Duncan, chairman of the board of directors of Starwood Hotels & Resorts Worldwide. “Throughout this process, our board of directors has remained laser-focused on maximizing value for Starwood shareholders, and Marriott's revised offer provides the highest value to our shareholders.”