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The
new stock-and-cash offer is worth $79.53 per share, or $13.6
billion, and tops an all-cash $78 per share, or $13.16 billion,
offer from a group led by China's Anbang Insurance Group Co.
The Marriott-Starwood deal will create the world's largest hotel
chain with top brands including Sheraton, Ritz Carlton and the
Autograph Collection. Marriott in November offered $12.2
billion, or $72.08 per, for Starwood.
Starwood shareholders will receive $21.00 in cash and 0.80
shares of Marriott Class A common stock for each share of
Starwood common stock, Marriott said.
Starwood shares were trading at $82.72 before the opening bell.
Marriott was slightly down at $72.00.
Under the revised agreement, Starwood will pay a breakup fee of
$450 million, up from $400 million previously.
Starwood Chairman Bruce Duncan said the company was pleased that
Marriott has "recognized the value" that Starwood brings to this
merger.
(Reporting by Arunima Banerjee in Bengaluru; Editing by
Saumyadeb Chakrabarty)
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