Anbang, PE firms abandon bid for Starwood Hotels: Reuters
(Reuters) China’s Anbang Insurance Group Co has abandoned its bid for Starwood Hotels & Resorts Worldwide Inc, people familiar with the matter said on Thursday, paving the way for Marriott International Inc to buy the Sheraton and Westin hotels operator. Anbang’s consortium, which includes private equity firms J.C. Flowers & Co and Primavera Capital Ltd, had offered $82.75 per share in cash. Marriott’s latest cash-and-stock offer, which was announced on March 21, is currently worth around $75 per share.
31 March 2016•1 min read
