What Starwood's CEO is telling employees about Anbang walking away
The fourth round of the bidding war that emerged between Marriott International and an investor group led by Anbang Insurance Group over Starwood Hotels & Resorts seems to have ended suddenly when Anbang decided to back out of a new deal with Starwood due to "market considerations." Needless to say, the tumultuous bidding process that unfurled since March 10 has been filled with a lot of drama — the kind of drama not usually seen in either the travel industry or many modern-day mergers and acquisitions anywhere.
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