Anbang raises Starwood offer to $14 billion

Chinese insurance group and Marriott in bidding war
In a continued fight for Starwood Hotels & Resorts Worldwide, China’s Anbang Insurance Group has raised its stake for the hotel company to nearly US$14 billion, outbidding Marriott International’s offer of approximately $13.6 billion announced last week.
Anbang, along with a consortium comprising Primavera Capital Group and JC Flowers & Co, is offering Starwood $82.75 a share in this latest round, more than Marriott’s $79.53 per share last offered in the bidding war.
Starwood said in a release yesterday that Anbang’s cash offer is likely to result in a deal superior to Marriott’s cash-and-stock proposal. Discussion with the Anbang consortium is still continuing, and Starwood further added that “there can be no assurance that discussions will result in a binding proposal from the consortium.”
Starwood shareholders are to meet on April 8 to approve the Marriott deal, with the transaction expected to close by mid-2016. If Starwood decides not to go ahead with the deal, termination fees payable to Marriott amount to $450 million.
Analysts interviewed by TTG Asia expect Marriott to not respond with any further proposals and will likely walk away if Starwood decides to take up Anbang’s offer.
TTG Asia

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