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.
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.