Chinese insurance giant Anbang is walking away from its bid for Starwood Hotels & Resorts Worldwide, CNBC reports, citing Dow Jones.

Starwood shares were down more than 4% following the news.

Starwood, which owns brands including Westin, St. Regis, and Four Points, last year agreed to be bought by Marriott International. Anbang, which bought the Waldorf Astoria in New York 18 months ago, had made multiple attempts to bust up that deal.

Here’s a recap of events:

  • Starwood agreed in November agreed to be bought by Marriott in a deal that valued it at $ 79.88 a share. 
  • On March 18, Starwood confirmed that it got an attractive takeover offer from a group of companies led by Anbang Insurance Group, which has been on a deal spree since buying the Waldorf Astoria 18 months ago. Anbang first offered $ 76 a share in cash, and it then boosted that offer to $ 78.
  • Marriott turned around on March 21 and boosted its bid for Starwood. The announcement, based on March 18 closing prices, valued Starwood at $ 79.53 a share.
  • Now Anbang has boosted its offer to $ 82.75 in cash, and Starwood has said this offer will most likely be a “Superior Proposal” (which is basically a counter bid that lets it break off the deal with Marriott).

 

 

More to come…

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Business Insider » Finance

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