Starwood dumps Marriott deal for competing offer

Starwood Hotels & Resorts Worldwide Inc. intends to terminate its merger agreement with Marriott International Inc. unless the Bethesda-based hotelier can top the latest takeover bid of more than $13 billion from a group led by Chinese insurance giant Anbang Insurance Group Co. The Starwood board of directors determined the latest proposal from the Anbang consortium— which also includes J.C. Flowers & Co. and Primavera Capital Limited — is a “superior proposal” than the $12.2 billion bid…

from http://www.bizjournals.com/baltimore/news/2016/03/18/starwood-set-to-dump-marriott-for-competing-offer.html
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