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Starwood Hotels Accepts Marriott’s Improved Takeover Offer

March 28, 2016, 4:00 AM

Starwood Hotels & Resorts Worldwide Inc. accepted an improved bid from Marriott International Inc. valued at $13.6 billion, topping an offer from a group of investors led by China’s Anbang Insurance Group Co.

Under the terms of the new offer, Starwood shareholders will receive $21 in cash and 0.80 shares of Marriott common stock for each Starwood share, according to a statement March 21. Starwood shareholders will own about 34 percent of the combined company’s common stock after the merger is completed, based on current shares outstanding.

Unsolicited Bid.

Starwood, owner of brands such as Westin, W and St. Regis, ...