Marriott's Deal for Starwood Looks Defensive

``Marriott is paying more in premium than is justified by its stated savings. Starwood investors, meanwhile, have only a fairly stingy premium to fall back on. That may leave the door open for another suitor, such as Hyatt, Hilton or the Chinese companies that were previously circling. There may also be pushback from hedge funds that have invested in Starwood. As it stands, there's little to suggest that either company is acting from a position of strength. It's appropriate for shareholders to have reservations.'' -- And the deal wasn't buoyed by as much a sea of liquidity as it first appeared...