Anbang bows out; Starwood reaffirms commitment to Marriott merger
from Hotel Online
Starwood Hotels & Resorts Worldwide recently announced that the consortium consisting of Anbang Insurance Group, Ltd., J.C. Flowers & Co. and Primavera Capital has informed Starwood that, as a result of market considerations, it has withdrawn its non-binding proposal to acquire all of the outstanding shares of common stock of Starwood for $82.75 per share in cash and does not intend to make another proposal.
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