STAMFORD, Conn., April 1 (UPI) -- China's Anbang Insurance Company, the highest bidder at $14 billion for Starwood Hotels, withdrew its offer, leaving a buyout offer from Marriott International.
The Chinese firm led a consortium of companies in making the $14 billion all-cash offer after Marriott had offered $13.8 billion in cash and stock, its final offer after originally bidding $12.2 billion in November.