Starwood shares slump on report of Anbang dropping proposed merger

Shares of Starwood Hotels & Resorts Worldwide Inc. fell in Thursday's extended session following a report from Dow Jones Newswires that China's Anbang Insurance Group Co. will withdraw from a proposed takeover of the hotel chain. Anbang had been locked in a bidding war for Starwood with Marriott International Inc. that has inflated the offer price to $14 billion, or $82.75 a share. Starwood shares slumped 4.7% in after-hours trading while Marriott International shares skidded 5.2%.

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