Consortium wants Starwood Hotels & Resorts Worldwide for $76 per shareStaff writer ▼ | March 14, 2016
Starwood Hotels & Resorts Worldwide received a non-binding proposal from a consortium of companies to acquire all of the outstanding shares of common stock of Starwood for $76 per share in cash.
Acquisition Starwood entered into a definitive merger agreement with Marriott
As announced on November 16, 2015, Starwood entered into a definitive merger agreement with Marriott International under which Marriott would acquire Starwood in a stock and cash transaction.
Starwood has received a waiver from Marriott enabling it to engage in discussions with, and provide diligence information to, the consortium in connection with its proposal.
Starwood commenced discussions with the consortium on March 11, 2016. The Marriott waiver expires at 11:59 pm Eastern Time on March 17, 2016.
Starwood board has not changed its recommendation in support of Starwood’s merger with Marriott. The consortium has not completed diligence and there are a number of matters to be resolved in the consortium’s proposal. ■