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Marriott wins back Sheraton-owner Starwood with new offer

from Reuters

Starwood Hotels and Resorts Worldwide Inc., owner of the Sheraton and Westin brands, accepted a higher $13.6 billion acquisition offer from peer Marriott International Inc., spurning a bid from China's Anbang Insurance Group. The move dramatically raises the stakes in the bidding war since the deal with Marriott prohibits Starwood from communicating with Anbang, which already owns New York's Waldorf Astoria hotel. more

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