Marriott International has reaffirmed its plan to acquire Starwood Hotels & Resorts Worldwide despite a last minute improved offer by a group of investors.
A group, led by China-based Anbang Insurance Group, made an unsolicited buyout offer of $76 per share, valued at nearly $13 billion for the Starwood business.
Marriott’s commitment to complete the deal remains unchanged, it said.
“Marriott will monitor this development as it and Starwood continue to work toward the closing of its transaction and the successful integration of the two companies in anticipation of votes by each company’s stockholders on March 28, 2016,” it said in a statement.
“Marriott is confident that the previously announced merger agreement is the best course for both companies.”
Anbang spent nearly $2 billion to acquire the landmark Waldorf Astoria New York a year ago and is also close to securing the portfolio of Strategic Hotels & Resorts for about $6.5 billion according to reports.
Referring to the rival bid, a Starwood statement said: “The board, in consultation with its legal and financial advisors, will carefully consider the outcome of its discussions with the consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders.”
