Ho­tel groups serve up deal af­ter higher of­fer

7 Days in Dubai - - BUSINESS -

Mar­riott has won over Star­wood with a sweet­ened bid worth more than $14.4 bil­lion just days af­ter a Chi­nese in­sur­ance com­pany ap­peared to steal it away from the ho­tel chain with a more lu­cra­tive of­fer. Star­wood, which owns Sher­a­ton, Westin and St Regis, over the week­end be­came the first US ho­tel op­er­a­tor to gain ac­cess to Cuba. The re­vised deal would give Star­wood share­hold­ers $21 in cash and 0.80 shares of Mar­riott In­ter­na­tional Inc Class A stock for each Star­wood share. Star­wood share­hold­ers are also ex­pected to get In­ter­val Leisure Group stock val­ued at $5.83 per share. Taken to­gether, that would value Star­wood stock at $85.36 per share, or about $14.41 bil­lion. China’s An­bang had put up an of­fer of $83.83 for each Star­wood share, or ap­prox­i­mately $14.15 bil­lion. Mar­riott and Star­wood ex­pect the deal to be con­cluded this sum­mer.

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