Anbang withdraws $14 billion Starwood Hotels bid

Departure of Chinese investor would clear the way for Marriott to continue with acquisition

Photo: Bloomberg News
Starwood shareholders are scheduled to vote Apr. 8 on Marriott’s bid, currently valued at $13.2 billion

A group led by China’s Anbang Insurance Group Co. withdrew its $14 billion takeover bid for Starwood Hotels & Resorts Worldwide Inc., clearing the way for a purchase by Marriott International Inc., according to two people with knowledge of the matter.

Starwood shareholders are scheduled to vote April 8 on Marriott’s cash-and-stock bid, valued at $77.94 a share, or $13.2 billion, based on Thursday’s closing price.

Carrie Bloom, a spokeswoman for Starwood, declined to comment. Representatives for Beijing-based Anbang couldn’t immediately be reached. The withdrawn bid was reported earlier by the Wall Street Journal.

Starwood shares fell 4% in after-hours trading to $80 as of 4:36 p.m. in New York.