Skift Take
Better for Starwood employees and better for investors — at least in the short term.
Starwood Hotels & Resorts says it will accept an offer led by Anbang Insurance Group to acquire the company, unsettling a deal the brand made with Marriott International in November 2015.
In a statement, Starwood said that the company's board of directors called the Anbang offer a "Superior Proposal." Starwood will postpone its shareholder vote on the Marriott offer, originally scheduled for March 28. The Anbang group increased its bid from $76 to $78 per share prior to Starwood's decision to choose this offer over Marriott's.
According to the Starwood statement, "Marriott has the right until 11:59 p.m. ET on March 28, 2016 to negotiate revisions to the existing merger agreement." If Starwood does not accept a new offer from Marriott, it would pay the company a $400 million break up fee.
Marriott issued a statement reaffirming its position that it presents the better offer for Starwood.
Marriott continues to believe that a combination of Marriott and Starwood is the best course for both companies and offers t
