Starwood's stock jumps after receiving higher buyout bid from Anbang
Starwood Hotels & Resorts Worldwide Inc. surged 2.4% in morning trade Monday, after the hotel operator said a new bid from an investor group led by China's Anbang Insurance Group appears to be "superior" to the latest bid from Marriott International Inc. . Starwood said Anbang's group, which includes J.C. Flowers & Co. and Primavera Capital Ltd., new bid received over the weekend was for $81 a share in cash, up from its previous bid of $78 a share. That new bid follows Marriott's sweetened bid of 0.8 shares of Marriott's stock and $21 in cash for each Starwood share, which as of Thursday's closing prices valued Starwood shares at $75.91 each. Marriott's stock climbed 2.6% in morning trade.
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