Anbang Walks Away From Starwood Deal
by Jessica MontevagoAnbang Insurance Group will withdraw from its takeover of Starwood Hotels & Resorts, reported Reuters, citing sources familiar with the matter.
The Chinese-based company and Marriott International have been in a bidding war over control of the hotelier. Many analysts predicted the back-and-forth volley was over when Anbang made a $15 billion bid, a number Marriott was not expected to counter.
Anbang reportedly did not follow through with its March 26 proposal to make it binding. The group did not give a reason for walking away from the Starwood deal, Reuters reported.
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