The Starwood acquisition saga continues, as the hotel chain announced that it has received an enhanced offer from a consortium of buyers over Marriott’s most recent bid.
This week, Starwood announced that “a revised, non-binding proposal from a consortium consisting of Anbang Insurance Group Co., Ltd., J.C. Flowers & Co. and Primavera Capital Limited is reasonably likely to lead to a ‘Superior Proposal’ as defined in Starwood’s merger agreement with Marriott International, Inc.” The revised offer put forth by the consortium would see the buyers’ acquire all of the outstanding shares of common stock of Starwood for $82.75 per share in cash, an increase of $4.75 per share from the Consortium’s prior binding proposal on March 18, 2016.
As previously announced, Starwood intends to convene its stockholder meeting to consider the merger with Marriott on March 28, 2016, and immediately adjourn the meeting until April 8, 2016. Currently, Starwood’s Board has not changed its recommendation in support of Starwood’s merger with Marriott.