A group led by China’s Anbang Insurance Group Co. withdrew its $14 billion takeover offer for Starwood Hotels & Resorts Worldwide Inc., a surprise move that ends a three-week bidding war and clears the way for an acquisition by Marriott International Inc.
The group decided not to proceed because of “various market considerations,” according to a statement Thursday. Anbang, working with J.C. Flowers & Co. and Primavera Capital Group, had last weekend made a non-binding cash offer of $82.75 a share -- the latest of multiple bids since earlier this month. With the withdrawal, Starwood reaffirmed its commitment to a takeover by Marriott.