(MENAFN) China's Anbang Insurance Group will acquire Starwood Hotels & Resorts, the operator of Sheraton for more than USD 13bn cash.
Moreover, the hotel determined the Anbang offer was superior and it planned to scrap the deal with Marriott.
In addition, the Anbang has bid USD 78 per share in cash, or USD 13.16bn overall, based on shares outstanding as of Feb 19.
The hotel's shares were up 4.7 percent at USD 79.99 in midday trading, their highest level since November.
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