The Chinese consortium that bid $14 billion for Starwood Hotels & Resorts in a back-and-forth battle with Marriott International is withdrawing its offer, according to The Wall Street Journal. Anbang Group Insurance Co. led the consortium, which submitted a nonbinding proposal of $82.75 in cash per share on March 28 after Starwood had signed a revised merger agreement with Marriott on March 21. The Marriott deal promises $21 cash per share and 0.8 shares of Marriott common stock for each share of Starwood common stock, plus additional money for Starwood's timeshare spin-off. Marriott and Starwood shareholders are scheduled to vote on their merger in separate meetings on April 8.