Marriott wins Starwood bid with new offer
After increasing its offer 10 percent to $13.6 billion, Marriott International will officially merge with Starwood Hotels and Resorts Worldwide, undermining a surprise cash bid lodged byAnbang Insurance Group (and others) last week. .
The world’s largest hotel company is set to become a reality after all, according to statements released this week, and Starwood’s termination fee has been raised to $450 million in the meantime.
“After five months of extensive due diligence and joint integration planning with Starwood, including a careful analysis of the brand architecture and future development prospects, we are even more excited about the power of the combined companies and the upside growth opportunities,” Marriott CEO Arne Sorenson said in Monday’s statement.
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