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Anbang group cites market factors in walking away from Starwood bid

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Capital Markets View – January 2021


Anbang group cites market factors in walking away from Starwood bid

Anbang InsuranceGroup Co. and its partners said they will no longer pursue an earlierplan to take over Starwood Hotels& Resorts Worldwide Inc., confirming earlier .

The Chinese insurer, J.C. Flowers & Co. LLC and PrimaveraCapital Ltd. cited "various market considerations" as reasons for theirdecision to back out of their proposed bid, according to a March 31 release.

The consortium had initially offered to acquire Starwood for $76.00 per share in cashand later increased itsbid to $78 per share, which nearly led to a termination of Starwood's deal with

Marriott, however, returnedearly this week with a higher offer: $79.53 per share, or $13.6 billion. The Anbanggroup responded with an$82.75-per-share offer before its decision to drop the bid.