On March 31, Chinese insurer Anbang Insurance Group announced it decided to withdraw its approximately $14 billion offer to acquire Starwood Hotels & Resorts Worldwide. Reasons for withdrawal were not specified, but the insurance company likely wants to avoid continuing the fight with Marriott to buy Starwood.
Earlier in the week, Anbang increased its takeover bid for Starwood from $72/share to $82.75/share. In comparison, Marriott’s most recent offer was $79.5/share.
Source: Profit
Frequently Asked Questions
Why did Anbang withdraw its offer for Starwood?
Although specific reasons were not provided, analysts suggest Anbang wanted to avoid a bidding war with Marriott International.
What was the value of Anbang’s final bid?
Anbang’s final offer was approximately $14 billion, valued at $82.75 per share.
Who eventually acquired Starwood Hotels?
Following Anbang’s withdrawal, Marriott International moved forward as the primary suitor for the acquisition.