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Starwood takeover saga continues: Anbang ups its offer
By Jane Kitchen 29 Mar 2016
The recently-opened St Regis Dubai is one of Starwood's more than 1,270 properties in 100 countries
The Chinese consortium led by Anbang Insurance Group that is trying to buy Starwood has upped its offer, making it “reasonably likely to lead to a ‘Superior Proposal’ as defined in Starwood’s merger agreement with Marriott International,” Starwood said in a statement.

Marriott agreed to buy Starwood in November for US$12.2bn, but a rival offer from Anbang on 18 March threatened the deal. Marriott then came back with a higher offer of US$13.6bn, but now Anbang’s latest offer threatens the deal once again.

Anbang offered US$81 per share for Starwood on 26 March, a move that Starwood’s board determined was “reasonably likely” to lead to a superior proposal – which allowed them to engage in talks with Anbang. Anbang then increased its offer to US$82.75 per share in cash for Starwood stock in those discussions – or about US$14bn.

Marriott today (29 March) said in a statement that it is “confident that the previously announced amended merger agreement is the best course for both companies,” but has not announced whether it will counter-bid.

Marriott was due to hold a stockholder meeting today to vote on the acquisition; that has been moved to 8 April. Starwood’s stockholder meeting has also been moved to 8 April.

In the statement, Marriott cautioned that “Starwood stockholders should give serious consideration to the question of whether the Anbang-led consortium will be able to close the proposed transaction, with a particular focus on the certainty of the consortium’s financing and the timing of any regulatory approvals.”

Marriott has more than 4,300 properties in 85 countries and territories, and operates and franchises hotels under The Ritz-Carlton, Bvlgari, Edition, JW Marriott, Autograph Collection, Renaissance, Marriott, Delta brands and more. Starwood has more than 1,270 properties in 100 countries, and operates and franchises the St. Regis, The Luxury Collection, W, Design Hotels, Westin, Le Meridien, Sheraton, Four Points by Sheraton, Aloft, Element and the recently introduced Tribute Portfolio brands.


News
1 to 12 of 7996 news stories
06 Dec 2021
Industry figure Susan Friedland has been celebrated with the Global Wellness Summit’s (GWS) annual Leading Woman in Wellness Award. During a poignant ceremony, Mrs Friedland was recognised with the award for her support and dedication ... More
06 Dec 2021
The two-day World Halotherapy Symposium will go live tomorrow on 7 December to encourage the convergence of the halotherapy and wellness industries. The free virtual conference is hosted by industry body the World Halotherapy Association ... More
03 Dec 2021
Global hotel and spa operator Six Senses will open its first Japanese property in Kyoto in 2024. Six Senses Kyoto is being realised as an urban sanctuary in a city famed for its Buddhist temples, ... More
02 Dec 2021
Raffles Hotels and Resorts has opened a new resort in Dubai with a comprehensive 23-treatment-room spa to reflect the city’s lavish character. Offering panoramic sea views and vistas of Dubai’s iconic skyline, the 389-room resort ... More
01 Dec 2021
The Global Wellness Institute (GWI) and BBC Storyworks have struck up a partnership to create a digital film series exploring the true meaning of wellness. BBC Storyworks is the commercial creative arm of BBC Global ... More
01 Dec 2021
The global wellness economy will grow by 9.9 per cent annually and reach US$7trn by 2025, according to new research by the Global Wellness Institute (GWI). Named The Global Wellness Economy: Looking Beyond Covid, the ... More
30 Nov 2021
The recently-transformed Bamford Wellness Spa in Gloucestershire has been recognised as the UK’s Best New Spa at the sixth annual Good Spa Guide Awards ceremony. Decided by internal judging by The Good Spa Guide’s Spa ... More
29 Nov 2021
Georgia-based wellness community Serenbe is set to gain a brand new wellness community dedicated to play, said co-founder Steve Nygren, speaking to Spa Business. Named Spela – which means play in Swedish, the new community ... More
26 Nov 2021
Exercise has been found to increase levels of endocannabinoids – cannabis-like substances produced by the human body – which in turn helps reduce inflammation and could potentially treat conditions such as arthritis, cancer and heart ... More
26 Nov 2021
People suffering from mild depression should be offered exercise, mindfulness, therapy or meditation before medication, such as antidepressants. New draft guidance, published by the National Institute for Health and Care Excellence (NICE) recommends that a ... More
25 Nov 2021
The City of Madrid could become one of the healthiest in the world if plans by the council come to fruition. The local government has revealed plans to develop wellbeing infrastructure for the next generation, ... More
24 Nov 2021
A new trans-awareness course, certified by Habia, has been launched for the spa sector to help teach spa staff how to accommodate, attract and support transgender clients. Named Trans Awareness for Spas, the programme includes ... More
     
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14th annual Forum HOTel&SPA to be hosted in June 2022 to inform and inspire the industry
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Art of Cryo
Art of Cryo
Art of Cryo
Art of Cryo
Jobs    News   Products   Magazine
NEWS
Starwood takeover saga continues: Anbang ups its offer
POSTED 29 Mar 2016 . BY Jane Kitchen
The recently-opened St Regis Dubai is one of Starwood's more than 1,270 properties in 100 countries
The Chinese consortium led by Anbang Insurance Group that is trying to buy Starwood has upped its offer, making it “reasonably likely to lead to a ‘Superior Proposal’ as defined in Starwood’s merger agreement with Marriott International,” Starwood said in a statement.

Marriott agreed to buy Starwood in November for US$12.2bn, but a rival offer from Anbang on 18 March threatened the deal. Marriott then came back with a higher offer of US$13.6bn, but now Anbang’s latest offer threatens the deal once again.

Anbang offered US$81 per share for Starwood on 26 March, a move that Starwood’s board determined was “reasonably likely” to lead to a superior proposal – which allowed them to engage in talks with Anbang. Anbang then increased its offer to US$82.75 per share in cash for Starwood stock in those discussions – or about US$14bn.

Marriott today (29 March) said in a statement that it is “confident that the previously announced amended merger agreement is the best course for both companies,” but has not announced whether it will counter-bid.

Marriott was due to hold a stockholder meeting today to vote on the acquisition; that has been moved to 8 April. Starwood’s stockholder meeting has also been moved to 8 April.

In the statement, Marriott cautioned that “Starwood stockholders should give serious consideration to the question of whether the Anbang-led consortium will be able to close the proposed transaction, with a particular focus on the certainty of the consortium’s financing and the timing of any regulatory approvals.”

Marriott has more than 4,300 properties in 85 countries and territories, and operates and franchises hotels under The Ritz-Carlton, Bvlgari, Edition, JW Marriott, Autograph Collection, Renaissance, Marriott, Delta brands and more. Starwood has more than 1,270 properties in 100 countries, and operates and franchises the St. Regis, The Luxury Collection, W, Design Hotels, Westin, Le Meridien, Sheraton, Four Points by Sheraton, Aloft, Element and the recently introduced Tribute Portfolio brands.
RELATED STORIES
Breaking: Starwood-Marriott merger back on again after Marriott ups its offer


The Starwood-Marriott merger is back on again after a rival offer last week led by Chinese insurance company Anbang tried to thwart the deal.
Starwood plans to end Marriott merger deal after ‘superior’ offer from Anbang


Starwood has received a new bid from the Chinese consortium that wants to buy it and has notified Marriott of its intention to terminate the merger agreement it had with the rival hotel firm.
Starwood mulls rival takeover bid


Global hotel giant Starwood has received a surprise US$12.8bn takeover offer from a group led by China’s Anbang Insurance Group, which could scupper its planned merger with Marriott to create the world’s largest hotel company.
Marriott buying Starwood for US$12.2bn


Marriott International is buying its rival, Starwood Hotels & Resorts, for US$12.2bn (€11.4b, £8bn), creating the world’s largest hotel company, with 5,500 hotels and 1.1 million bedrooms worldwide across 30 brands.
MORE NEWS
Susan Friedland honoured with Leading Woman in Wellness award at 2021 Global Wellness Summit
Industry figure Susan Friedland has been celebrated with the Global Wellness Summit’s (GWS) annual Leading Woman in Wellness Award.
Tammy Pahel, Kathryn Moore and Anni Hood to headline World Halotherapy Symposium
The two-day World Halotherapy Symposium will go live tomorrow on 7 December to encourage the convergence of the halotherapy and wellness industries.
Six Senses to debut in Japan with Japanese Zen-inspired spa and bathing rituals
Global hotel and spa operator Six Senses will open its first Japanese property in Kyoto in 2024.
Raffles launches opulent five-star resort and Cinq Mondes spa on Dubai coastline
Raffles Hotels and Resorts has opened a new resort in Dubai with a comprehensive 23- treatment-room spa to reflect the city’s lavish character.
GWI partners with BBC for its new film series demystifying wellness
The Global Wellness Institute (GWI) and BBC Storyworks have struck up a partnership to create a digital film series exploring the true meaning of wellness.
Global wellness economy will be worth US$7trn by 2025
The global wellness economy will grow by 9.9 per cent annually and reach nearly US$7trn by 2025, according to new research by the Global Wellness Institute (GWI).
+ More news   
 
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Matrix

Matrix Fitness, one of the world’s leading commercial fitness brands, is a division of Johnson Heal [more...]
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This animation showcases the beautiful concept design of BluGalaxy Spa. Find out more...
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07 Dec 2021

World Halotherapy Association Symposium

virtual event,
01-03 Feb 2022

Spatex 2022

Coventry Building Society Arena, Coventry, United Kingdom
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