Anbang now willing to give $14bn for Starwood Hotels & Resorts
Starwood said it was in discussions with Anbang after it lifted its offer to $82.75 per share from $78 per share. This was the second time the Anbang consortium - which includes JC Flowers & Co and Primavera Capital - upped its bid, having initially offered $76 per share.
The hotel group said it "will carefully consider the outcome of its discussions with the consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders".
"There can be no assurance that discussions will result in a binding proposal from the consortium, that the Starwood board will determine that any such proposal is a 'superior proposal' or that a transaction with the consortium will be approved or consummated on any particular terms or at all."
Starwood, which owns the Sheraton and Westin brands, said it has not changed its recommendation in support of the merger with Marriott.
Meanwhile, Marriott responded to news of Anbang's sweetened offer by reaffirming its commitment to acquire Starwood and saying it was confident the previously announced merger agreement was the best course for both companies. ■