Starwood Hotels to accept Anbang offer unless Marriott renegotiates

Starwood Hotels & Resorts has announced it plans to accept a US$13.2 billion buyout bid from China’s Anbang Insurance Group, giving competitor Mariott International until March 28 to provide a counteroffer, Bloomberg reported. The Anbang offer for Starwood, which owns brands such as Westin, Sheraton and W, comes at US$2 more per share than Marriot’s cash-and-stock deal. “While we expect Marriott to counter the consortium’s proposal, we believe Marriott will remain disciplined, and it appears increasingly likely, in our opinion, that Starwood will be acquired by the consortium,” analyst David Loeb of Robert W. Baird & Co. wrote in a research note.