Marriott wins back Sheraton-owner Starwood with new offer
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Canaccord Genuity Raises Price Target on Starwood Hotels (HOT) Following New Marriott (MAR) Offer
March 23, 2016 10:20 AM EDTCanaccord Genuity reiterated a Buy rating on Starwood Hotels & Resorts (NYSE: HOT), and raised the price target of $88.00 (from $76.00), following a new MAR offer. UBS believes that MAR's current offer of $21 in cash and 0.80 MAR shares for every HOT share is the most attractive offer on the table today. Any further offer from Anbang would need to be at or above this... More
Marriott (MAR) Ratings Affirmed by Moody's Amid Revised Starwood Offer
March 21, 2016 4:43 PM EDTMoody's Investors Service affirmed Marriott International, Inc.'s (Nasdaq: MAR) Baa2 senior unsecured rating and Prime-2 commercial paper rating following the announcement that it has revised its terms to acquire Starwood Hotels & Resorts Worldwide Inc. (after the spin-off of the timeshare business Vistana Signature Experiences, Inc.) in a transaction valued at approximately $14.5 billion including the assumption of Starwood debt net of cash. Moody's estimates this represents about a 14.4 times 2015 EBITDA multiple pro forma for the spin-off of Vistana. Starwood shareholders will receive .80 shares of Marriott stock in exchange for each Starwood share and a... More
