China’s Anbang Insurance Group Co said on Thursday it has abandoned its $14 billion bid for Starwood Hotels & Resorts Worldwide Inc (HOT.N), paving the way for Marriott International Inc (MAR.O) to buy the Sheraton and Westin hotels operator.
I have a longer post about this in the works, but it will take me most of the weekend to compile it from this stack of research. In the meantime, a thought, based on the possibility that Anbang was too afraid to untie its kimono to continue the process:
We say in my business that sunlight is the best disinfectant. What most of my colleagues outside of China rarely have cause to contemplate is this: what happens when the company in question is itself one giant festering bacteria culture?
Beware ye who shaketh hands with a well-heeled investor from afar: due diligence should always work two ways.