They offered $76 in cash per share, which was almost certainly better than the offer of 0.92 Marriott shares plus $2 per Starwood share. While the merger between Marriott and Starwood is already well underway, Starwood can still pursue other offers for the time being.
Well we now have an update, literally as of a few minutes ago… and it’s a huge one. Starwood has signed a deal to be acquired by Chinese investor group Anbang for $78 per share in cash.
Marriott now has five days to respond, and is apparently expected to make a counter-bid.
We have ourselves a bidding war. This is going to get interesting!