NEW YORK (BLOOMBERG) - Starwood Hotels & Resorts Worldwide Inc., which is being bought by Marriott International Inc., received a separate, unsolicited takeover proposal from a group of companies led by Anbang Insurance Group Co.
The proposal is US$76 (S$104) in cash for all of the company's outstanding shares, Starwood said in a statement on Monday. That values Stamford, Connecticut-based Starwood at about US$12.9 billion, based on its estimate of 170 million shares.
While Starwood didn't identify the bidder in its statement, Marriott said Anbang led the group's offer in a separate announcement in which it confirmed its plan to buy Starwood.
Starwood "will carefully consider the outcome of its discussions with the consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders," Starwood said. Starwood said it still supports Marriott's offer.
Under both offers, Starwood shareholders would also get Interval Leisure Group stock from a previously announced spin off of vacation ownership business, Vistana Signature Experiences, and subsequent merger with ILG.
Marriott's offer for Starwood valued the company at US$72.08 per share when it was made. Starwood would have to pay Marriott a $400 million termination fee in cash if it decided to enter into another deal or changes or withdraw its recommendation to its stockholders to vote in favor of the Marriott deal.
Starwood said Monday that the Marriott offer is worth US$63.74 a share based on the company's 20-day average stock price through March 11. Starwood shares rose to US$76 in pre-market trading.