On March 10, Starwood received an unsolicited non-binding proposal from a consortium of companies interested in buying out all of the hospitality company’s outstanding stock. Marriott has given Starwood a waiver to discuss the possible takeover with the Consortium, but the company is continuing to stand by its intent to merge with Starwood. Starwood began talks with the Consortium on March 11, during which it is also providing diligence information to the potential buyers. Under the agreement with Marriott, the waiver expires at 11:59 p.m. EST on March 17. Currently Starwood’s board of directors has not changed its advice in favor of the merger with Starwood. As talks progress, the board will consult legal and financial experts to determine the best move for the company and its shareholders. Get the full story at Luxury Daily and Starwood