Consider the market's response to Starwood's decision to explore strategic alternatives in an effort to maximize shareholder value. 

Does the market's response lead you to conclude that the market thinks Starwood made the choice?

 2. Why did Starwood decide to not continue pursuing its "asset light" strategy or the leveraged recapitalization?

 3. Was Starwood's decision to entertain so many potential offers reflective of a thorough approach to value maximization, or does it simply reflect a company lacking desirable strategic options and vision? Why or why not? 

4. What is the value of Starwood as a going concern? What is the value of the expected cost savings and other synergies? What is the maximum you believe Marriott can/should offer to acquire Starwood? 

5. As a shareholder of Marriott, would you continue to hold your shares or would you sell them prior to the completion of the deal?