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The Chinese consortium led by insurance Anbang has withdrawn its offer for Starwood Hotels and Resorts.
Anbang had only this week raised its offer to $14 billion trumping the $13.6 billion bid made by Marriott.
In a statement released by Starwood it said the consortium had withdrawn its offer due to “market considerations” and does not intend to make another proposal.
Starwood added it continues to “unanimously support the existing merger with Marriott International”.
A meeting of Starwood stockholders to vote on and approve the Marriott-Starwood merger agreement will be held on April 8.
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