China’s Anbang turns up heat on Marriott with improved Starwood offer
Saturday, 29 Mar, 2016
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The consortium led by China’s Anbang Insurance Group is not giving up the fight in its pursuit of Starwood Hotels & Resorts.
Anbang posted a new offer, trumping rival Marriott International’s bid.
Ambang’s offer of almost $14 billion values Starwood at $82.75 per share.
Marriott, which may face a backlash from shareholders if it again makes a tit-for-tat improved bid, reiterated its commitment to close the deal with Starwood.
Marriott says its current offer gives greater long-term value to Starwood stockholders and the Ambang deal could get bogged down in regulatory delays.
"Starwood stockholders should give serious consideration to the question of whether the Anbang-led consortium will be able to close the proposed transaction, with a particular focus on the certainty of the consortium’s financing and the timing of any required regulatory approvals," Marriott said in a statement.
Marriott said last week it expects to save $250 million in annual costs by merging.
If it opts for the Ambang deal, Starwood would have to pay Marriott $450 million under the terms of the current Marriott offer.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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