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Category Archives for SPG.

Marriott “Zero Buyer’s Remorse”, Anbang Got Too High Profile” for Chinese Govmt

putrajaya-marriott

Marriott CEO Arne Sorenson said on Friday morning that the company has zero buyer’s remorse…though they of course would have loved to acquire Starwood for $1 billion less. “We have the only binding deal with Starwood, we have zero buyer’s remorse. We continue to believe that what we can create by pulling these two companies together…

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Hyatt Submits Offer for Starwood…What?

StarwoodHyatt

My colleagues have to deal with my points and travel obsession on a daily basis and so they take any opportunity to make fun of it (though they have all now redeemed multiple free international trips courtesy of our hobby). I specifically hate April Fools’, but I was so busy at work this morning that…

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Bloomberg: No Way for Marriott to Make Starwood Work Unless They Sell Property, Starwood CEO – We’re on a Wild Ride

SPG

Bloomberg has a few interesting quotes in their latest coverage of the on-going Marriott / Starwood merger saga. Would Marriott need to sell real estate in order to upstage Anbang’s offer? Would investors sacrifice upside for a guaranteed merger close? Meanwhile, Starwood’s CEO told employees in a message to prepare for a wild ride as…

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Starwood Battle Continues – Anbang Raises Offer, “Superior Proposal” to Marriott

Starwood Le Meriden

It’s back on! Anbang has increased their offer for Starwood hotels to $82.75 in cash per share, a level that the Board feels is superior to Marriott’s revised offer.  The board will convene today as previously scheduled, but will immediately adjourn the meeting until April 8th. Anbang’s updated offer is $4.75 per share higher than the…

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Starwood Agrees to Marriott’s Sweetened Bid, Merger Back On

Marriott Revised Starwood Offer

Starwood has accepted a sweetened bid from Marriott that valued at $13.6 billion, besting the offer from China’s Anbang. Starwood shareholders will receive $21 in cash and .80 shares of Marriott common stock for each share of Starwood. The deal values Starwood shares at $79.53 based on Friday’s closing price.  Starwood shareholders will own about…

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“Marriott Seen Losing Starwood”, “Time for Marriott to Say Farewell”, “Anbang Is Going to Win”

Starwood Le Meriden

Loving these headlines! As a very loyal Starwood Platinum member, I’ve been hoping that this deal would fall apart since day one. Friday presented the very first bit of hope towards that cause (see – Breaking: Starwood To Terminate Marriott Deal, “Superior” Offer from Chinese Insurer Anbang!), though Marriott has until March 28th to submit…

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Breaking: Starwood To Terminate Marriott Deal, “Superior” Offer from Chinese Insurer Anbang!

SPG Marriott

Starwood has determined that the offer from a Chinese consortium is superior to the Marriott offer and the hotel group intends to terminate the Marriott deal.  Marriott will now have 10 days to submit an updated offer to Starwood. If the board does not feel that Marriott’s updated offer is better than the Anbang offer,…

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More About the Chinese Firm Bidding for Starwood Against Marriott, Recent Deal for Four Seasons, Ritz, and JW Properties

JW Marriott Essex House

This morning we received some exciting news that Starwood Hotels & Resorts received a non-binding proposal from a Chinese consortium of companies to acquire all of the outstanding shares of common stock of Starwood for $76.00 per share in cash (about a $14B bid) in a rival bid to Marriott’s offer (woth about $12.2B). Now, we learn…

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