NEW YORK (AP) – Starwood is taking a revised buyout bid from Marriott, three days after the hotel called off their deal in favor of an offer from a group of investors led by Chinese insurance company Anbang.
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.
The latest offer from Anbang and its partners was worth $83.67 for each Starwood share. Starwood stockholders would have received $78 in cash for each share they own plus $5.67 in stock for a spinoff of a vacation business.