Starwood and Marriott merger in doubt after Chinese offer

Starwood Hotels & Resorts Worldwide has received a £9bn cash offer from China's Anbang Insurance Group, exceeding the original offer from Marriott International.

Marriott and Starwood merger under threat
Marriott and Starwood merger under threat

In a statement, Marriott said that Starwood would terminate its merger agreement, which was revealed in November last year, unless revisions are made. 

Under the terms of Marriott’s merger agreement with Starwood, the hotel chain has the right to propose revised terms within the next five days for negotiation. If Starwood terminates the agreement in order to accept the consortium proposal, the company must pay Marriott a termination fee of £277 million in cash. 

Marriott said it is in the process of reviewing the Anbang consortium’s proposal and is considering its alternatives.  

More:

Marriott acquires Starwood to create largest hotel company

Marriott International to debut Edition brand in Dubai

Starwood to open St Regis in Shanghai

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