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Marriott wins back Starwood with higher bid

from USA Today

Starwood Hotels & Resorts Worldwide accepted a sweetened $13.6 billion offer to merge with Marriott International creating the largest hotel chain in the world and thwarting Chinese insurer Anbang's latest effort to broaden its lodging portfolio. Marriott raised its bid for Starwood from $65.33 a share to $79.53 a share, greater than Anbang's offer of $78 a share. Starwood shareholders will receive $21 cash and 0.8 shares of Marriott Class A common stock for each share of Starwood common stock. more


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