Starwood Hotels approves Marriott bid

Starwood Hotels and Resorts Worldwide Inc, owner of the Sheraton and Westin hotel brands, agreed to a higher $13.6 billion buyout offer from Marriott International Inc, spurning a proposal from China’s Anbang Insurance Group.

Starwood said on Monday that Anbang’s offer no longer constituted a “superior proposal,” adding that it was not allowed to engage in talks with the Chinese company under the latest agreement with Marriott.

Marriott raised the cash portion of its offer to $21 per share from $2, valuing its new stock-and-cash offer at $79.53. The company offered $72.08 per share in November.