It won't let me paste link. A Chinese company has offered more than Marriott. The deal has till Mar 17 to finish. There is a $400M cancellation fee.
Wish I could post the link.
Got out of Explorer and went into Edge. Now you can see article.
I guess Marriott has given Starwood permission to talk and given them a deadline of Thursday . Most reports feel that the competing price is not high enough to start a fight also given the $400m break up fee
Starwood has rejected the bid but gives marriott until march 28 to raise its offer
This is a bit of a game-changer. There's something to be said for Marriott to allow the Chinese company to go ahead and pay what is considered to be too much by some. Marriott can continue being Marriott while SPG deals with new management. At the same time, Marriott goes home with 400 million in their pocked, minus a few million dollars of lawyer fees. It sort of gives Marriott an edge I think. For the SPG points customers, a Marriott union probably doesn't look so bad now.
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