STAMFORD, Conn. — The Chinese consortium led by Anbang Insurance Group Co. has withdrawn its bid to acquire Starwood Hotels & Resorts.
This announcement signals an end to the bidding war between the consortium and Marriott International, Inc., which began mid-March. With the consortium’s offer off the table, Starwood has returned its attention to the amended merger agreement with Marriott, worth $13.6 billion.
“Throughout this process, we have been focused on maximizing stockholder value now and in the future,” says Bruce Duncan, Chairman of Starwood’s Board. “Our Board is confident this transaction offers superior value for Starwood’s stockholders, can close quickly and provides value-creation potential that will enable both sets of stockholders to benefit from future financial performance. We are confident Starwood stockholders will support a merger that will create the world’s best and biggest hotel company and which offers significant long-term upside for not only our stockholders, but also our company and associates.”
Starwood’s Board of Directors has indicated that it unanimously recommends Starwood stockholders vote in favour of the Marriott-Starwood merger agreement. Stockholders are set to vote on the matter in a special meeting on April 8.