Money briefs: Chinese firm's higher offer for Starwood

Chinese firm's higher offer for Starwood

NEW YORK • Starwood Hotels & Resorts Worldwide said it received a higher takeover offer from a group led by Anbang Insurance, putting the Chinese firm back into battle with Marriott International for control of the hotel operator.

Starwood said Anbang offered US$82.75 a share in cash, or about US$14 billion (S$19.1 billion), according to a statement yesterday.

That compares with Marriott's stock-and-cash offer valued at US$75.91 a share, or about US$12.8 billion, based on Thursday's closing price. Starwood, which has had a merger agreement with Marriott since November, on March 21 said it would proceed with an amended deal after receiving a sweetened bid from its larger competitor.

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Foxconn, Sharp in push to close rescue deal

TOKYO • Sharp and Foxconn Technology said they are pushing to close a rescue deal for the Japanese firm that has been held up by disagreement.

Hon Hai Precision Industry, Foxconn's flagship company, said it will hold a board meeting tomorrow as scheduled, where it may discuss the Sharp deal depending on the stage of negotiations, said a statement to the Taiwan stock exchange.

The companies had come close to signing a deal last month but Foxconn hit the pause button following revelations of previously undisclosed liabilities at Sharp. The deal would be the largest acquisition by a foreign company in Japan's insular technology sector. In choosing to negotiate with Foxconn, Sharp turned down a rival offer by a state-backed fund.

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A version of this article appeared in the print edition of The Straits Times on March 29, 2016, with the headline 'Money briefs: Chinese firm's higher offer for Starwood'. Print Edition | Subscribe