Susquehanna Downgrades Starwood Hotels & Resorts (HOT) to Neutral
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Marriott International And Starwood Hotels & Resorts Worldwide Sign Amended Merger Agreement
March 21, 2016 7:00 AM EDTBETHESDA, Md. and STAMFORD, Conn., March 21, 2016 /PRNewswire/ --
Starwood's Board of Directors determined that revised terms from Marriott constitute a superior proposal compared to previously announced offer by Consortium led by Anbang Insurance Group. Increased cash consideration to $21.00 for each share of Starwood common stock. Revised exchange ratio of 0.80 shares of Marriott common stock for each share of Starwood common stock. Targeted annual G&A synergies increased to $250 million run-rate. Marriott and Starwood special stockholder meetings to be held on April 8, 2016 with transaction closing planned... More