[BREAKING NEWS] Starwood receives Unsolicited Acquisition Offer from Chinese Company
Game changer everyone! Starwood announced this morning that they received an unsolicited bid from a Chinese company at $76 per share ($12.8 billion). This is a huge shake up in the assumed acquisition of Starwood by Marriott announced last November. The travel community in general was devastated that Marriott was purchasing Starwood, including everyone here at Thrifty Traveler. It was assumed that Marriott would most likely gut the Starwood Preferred Guest (SPG) program, which many have cited as the best loyalty program in the industry. From what I read there was nothing in the way of the merger, until now.
As announced on November 16, 2015, Starwood entered into a definitive merger agreement with Marriott International, Inc under which Marriott would acquire Starwood in a stock and cash transaction. Starwood has received a waiver from Marriott enabling it to engage in discussions with, and provide diligence information to, the Consortium (Chinese group) in connection with its proposal. Starwood commenced discussions with the Consortium on March 11, 2016. The Marriott waiver expires at 11:59 pm Eastern Time on March 17, 2016.
The new offer is $12.8 billion which exceeds Marriott’s $12.2 billion offer. This is hot news everyone! The SPG program is by far my favorite hotel loyalty program and we were very concerned it may be disappearing. Read my ten reasons why SPG is the best hotel program for more info. Also don’t forget to apply for the recently announced 35k SPG offer, it’s the highest offer ever! Stay tuned everyone, this is going to be an exciting week. We should find out more news before the waiver ends on March 17!
Other SPG Posts You Should Read:
- Starwood Hotel Reviews
- SPG Dashboard
- Design Hotels added to Starwood Portfolio (11th brand)
- Marriott to Purchase Starwood for $12.2 Billion
- Ten Reasons why SPG is the best hotel rewards program
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