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China: Anbang raises offer for Starwood to $14 billion

By  |  March 28, 2016

China’s Anbang Insurance Group Co raised its offer for Starwood Hotels & Resorts Worldwide to almost $14 billion, Starwood said on Monday, in the latest challenge to the U.S. hotel operator’s merger with Marriott International.

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    The bidding war for Starwood has pitted Marriott’s ambitions to create the world’s largest lodging company with about 5,700 hotels against Anbang’s drive to create a vast portfolio of U.S. real estate assets.

    The acquisition of Starwood, owner of the Sheraton and Westin brands, by Anbang would be the largest ever by a Chinese company in the United States.

    Anbang’s consortium, which includes private equity firms J.C. Flowers & Co and Primavera Capital Ltd, has offered $82.75 per share in cash, in what is reasonably likely to lead to a proposal that is superior to the deal with Marriott, Starwood said on Monday. Reuters had reported earlier on Monday that Anbang had raised its offer.

    Full content: Forbes

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