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Anbang group cites market factors in walking away from Starwood bid

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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.