The on-off merger between Marriott International and Starwood faces fresh doubts with Starwood announcing the likelihood of “an improved offer” from a consortium led by Chinese insurance giants Anbang.
The merger was derailed at the 11th hour by the offer from Anbang (see online news here) only for Marriott to make an improved offer (see news, March 2015).
Starwood announced that "a revised, non-binding proposal from a consortium” consisting of Anbang Insurance Group, JC Flowers & Co and Primavera Capital is “reasonably likely to lead to a ‘Superior Proposal’ as defined in Starwood’s merger agreement with Marriott International”.
Starwood’s board has so far not changed its recommendation in support of Starwood’s merger with Marriott, according to reports.
For its part, Marriott said it had “reaffirmed its commitment to acquire Starwood Hotels & Resorts… confident that the previously announced amended merger agreement is the best course for both companies”.
