Today, Starwood Hotels & Resorts Worldwide agreed to Marriott International’s raised $13.6 billion merger offer, topping Chinese insurer Anbang’s $13.16 billion offer. This news comes just three days after Starwood said it would terminate Marriott’s buyout agreement in favor of choosing Anbang. Marriott had until March 28 to submit a counteroffer. Under the new agreement, the termination fee has been increased from $400 million to $450 million. Anbang has not yet responded to the latest development, but experts predict the company will come back with a higher offer once more. To read more, click here.
