Form 8-K STARWOOD HOTEL & RESORTS For: Mar 25
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Starwood Hotels (HOT) Sees Revised $82.75/Share Bid from Anbang Likely Leading to 'Superior Proposal'
March 28, 2016 9:16 AM EDT(Updated - March 28, 2016 9:17 AM EDT)
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced that its Board of Directors, in consultation with its legal and financial advisors, determined that a revised, non-binding proposal from a consortium consisting of Anbang Insurance Group Co., Ltd., J.C. Flowers & Co. and Primavera Capital Limited (the Consortium) is reasonably likely to lead to a Superior Proposal as defined in Starwoods merger agreement with Marriott International, Inc. (NASDAQ: MAR) (Marriott).
On March 26, 2016, Starwood received a non-binding proposal from the Consortium, under which the... More
