New Starwood Takeover Bid: The Players Behind the $13 Billion Offer
Photo Credit: Interior of the Aloft El Segundo - Los Angeles Airport, a Starwood property. Marriott International
Skift Take
Three of the named entities involved in the takeover bid for Starwood don't have much experience in the hotel business, but that won't keep them from buying Starwood.
What was assumed to be, more or less, a done deal with regard to Marriott's acquisition of Starwood, isn't quite the case anymore.
Today, Starwood Hotels & Resorts Worldwide announced it received an unsolicited acquisition bid of approximately $13 billion from a consortium led by Beijing-based insurance company, Anbang, that also includes private equity investor Chris Flowers and China-based investment firm, Primavera Capital Group.
The all-cash, non-binding, and highly conditional bid from the consortium will pay $76 a share, which is much higher than the offer from Marriott International. It also allows Starwood's executive team to stay in place.
In November 2015, Marriott bid $12.2 billion, including $11.9 billion in Marriott stock, as part of a merger agreement accepted by Starwood. As it stands right now, Marriott's merger transaction is valued at $72.08 per share, or approximately $11 billion, because Marriott's shares have dropped since November.
Right now, Sta
