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Back in November, I reported on Marriott buying Starwood hotels. Starwood had been “on the market” for quite awhile, and even though there was interest from several different hotels, Marriott appeared to be the winner, with an offer of about $65 / share. Most consumers (myself included) were not fans of a Marriott – Starwood merger. Even though the Marriott CEO promised not to devalue SPG points, most people were not convinced. And that’s not even mentioning the fact that such a merger would likely mean the end of the Amex SPG cards (currently with a record high 35,000 point signup bonus!)
A few days ago, it was announced that a consortium led by the Chinese insurer Anbang had made an offer of $76 / share for Starwood. This morning, we learned that they have raised their offer to $78 / share, and Starwood has officially called this a “superior offer”, triggering a provision in their merger contract.
Other news coverage
There have been a variety of blogs and other news coverage of the Marriott / SPG / Anbang love triangle
- View from the Wing – The Starwood-Marriott Deal is OFF!
- Million Mile Secrets – Bidding War! Starwood Has a Signed a New Deal, What This Means for Your Points
- Mommy Points – Big Development for Starwood and Marriott Deal!
- One Mile at a Time – Here’s What Starwood Is Telling Employees About The Takeover Bid
- View from the Wing – Marriott Should Walk Away and Let the Chinese Buy Starwood
- USA Today – The Starwood-Marriott-Angbang triangle: What it means for consumers
Marriott has 10 days to counter, and they have promised to review their offer (of course they would say that). Until the 10 day negotiating period is up (through March 28th), Starwood cannot officially sign the Anbang deal until after the 10 day negotiating period is up.
Should make for an interesting 10 days as we wait to see if Marriott raises their offer, and if so, to what.