March 21, 2016
Marriott International Inc. has offered $13.6 billion to acquire Starwood Hotels & Resorts Worldwide Inc. Starwood has accepted the price, which tops Anbang’s recent $13.2 billion takeover bid.
Starwood and Marriott signed an amendment to their original definitive merger agreement of November 2015, which will create the world’s largest hotel company. Under the new terms, Starwood shareholders will receive $21 in cash and 0.80 shares of Marriott International Inc. Class A common stock for each share of Starwood common stock.
Marriott and Starwood will have special stockholder meetings on April 8, with closing planned for mid-2016.
In an unrelated story, Starwood has become the first U.S. hotel company to sign a deal with Cuba since the 1959 revolution. Starwood will manage and market two properties in Havana, and signed a letter of intent to operate a third.