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Starwood is reported by the WSJ to have received an unsolicited bid from the Chinese Company, Anbang Insurance Group.
“Offer from a group led by China’s Anbang Insurance Group would pay $76 a share in cash.”
HOT: Starwood Recieves Bid From Chinese Company
The previous deal with Marriott is valued at $12.2 billion and the new offer is reportedly worth $12.8 billion.
This has the potential to change the landscape by possibly preventing the Marriott / Starwood merger. It certainly complicates things.
This story is still developing…more to come.
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Fascinating. This could be a great way for SPG to avoid the Marriott disaster.