Oh, no. According to Bloomberg:
Anbang has told Starwood it is walking away from a proposed takeover, Dow Jones reports, citing people familiar.
I really haven’t found more on the topic other than this vague generality, so as soon as more info becomes available, I’ll update this post. For now, it appears Anbang is out and Marriott is in.
- Will Marriott need to pay the second offer they proposed or the original offer?
- Why did Anbang back out of the offer?
- What will become of the Starwood Preferred Guest program as it folds into the Marriott portfolio?
More questions left unanswered this point than answered…
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