NEW YORK (TheStreet) -- Marriott (MAR - Get Report) stock closed down 5.69% to $67.13 on heavy trading volume on Friday, as Starwood Hotels & Resorts Worldwide (HOT) will revert to Marriott's most recent takeover offer after Chinese insurer Anbang dropped out of the companies' bidding war.
Anbang abandoned its $14 billion takeover bid "due to various market considerations," according to a statement.
Starwood will consequently return to Marriott's most recent acquisition proposal of $79.53 a share, or $13.6 billion. This is higher than Marriott's original merger agreement with Starwood in November, which was worth $12.2 billion at the time.
"Marriott lost a big poker hand," TheStreet's Jim Cramer said in a video this morning. "[Anbang] kept raising and raising and folded. Now [Marriott] has got to own it, and they paid way too much."
Marriott and Starwood shareholders are scheduled to separately vote on the deal April 8, Reuters reports.
About 18.12 million shares of Marriott were traded today, well above the company's average trading volume of roughly 4.87 million shares per day.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B-.
Marriott's strengths such as its growth in earnings per share, revenue growth, good cash flow from operations and increase in net income outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: MAR
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.