Anbang has fired a new shot in the fiercest bidding war dealmakers have seen in recent years, after the Chinese insurer raised its bid for Starwood Hotels & Resorts to $14bn in its latest effort to trump a rival offer from Marriott International.
Starwood said on Monday that it was in talks with Anbang after the acquisitive Chinese insurer sweetened its all-cash offer to $82.75 per share, a non-binding proposal the US hotel operator said it was likely to consider superior to Marriott’s offer.
The new bid is $4.75 per share higher than the one Anbang made on March 18, and tops Marriott’s latest cash-and-stock offer, which was worth $78.12 at Monday morning’s share price.
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