Starwood signs $13.6B merger agreement with Marriott
March 22, 2016
Starwood Hotels & Resorts Worldwide (NYSE: HOT) has signed a revised merger agreement whereby Marriott (NASDAQ: MAR) will acquire Starwood for $79.53 per share in cash and Marriott stock. Excluding the company’s timeshare business, the deal values Starwood at about $13.6 billion. Starwood’s Board of Directors determined the latest Marriott agreement is superior to last week’s takeover offer totaling about $13.2 billion from a consortium including Anbang Insurance Group, J.C. Flowers & Co. and Primavera Capital.