Competing Acquisition Offers for Starwood from Marriott and Anbang Consortium

On March 31, 2016, Starwood Hotels & Resorts Worldwide, Inc. announced it continues to unanimously support the existing merger with Marriott International, Inc., which values Starwood at $77.94 per share or $13.3 billion (based on Marriott’s closing price on March 31, 2016) and would create the largest hospitality company in the world. Cravath is representing Starwood in connection with this transaction.

This development follows the announcement that the consortium consisting of Anbang Insurance Group Co., Ltd., J.C. Flowers & Co. and Primavera Capital Limited has withdrawn its non‑binding proposal to acquire all of the outstanding shares of common stock of Starwood for $82.75 per share in cash.

The original deal was announced by Marriott and Starwood on November 16, 2015, in a $12.8 billion transaction which Cravath also handled and which the boards of directors of both companies unanimously approved.

The Cravath team includes associates Stephanie R. Gallina, Ankur N. Patel, Rachael G. Coffey, Daniel J. Cerqueira, Matthew M. Kelly, Adam J. Gross and Nicoleta D. Lupea on M&A matters; partner Joseph D. Zavaglia on the spin‑off of Starwood’s time share business; partner Lauren Angelilli, senior attorney Andrew Carlon and associate Tara L. Rhoades on tax matters; partners Eric W. Hilfers and Jonathan J. Katz and associate Matthew J. Bobby on executive compensation and benefits matters; partner Matthew Morreale on environmental matters; and partner Christine A. Varney and associate Margot A. Miller on antitrust matters. Catalina S. Parkinson and Allison C. Davido also worked on M&A and antitrust matters, respectively.