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2016-03-28 — straitstimes.com
Starwood Hotels & Resorts Worldwide said it received a higher takeover offer from a group led by Anbang Insurance Group, putting the Chinese company back into battle with Marriott International Inc. for control of the hotel operator... the Anbang group offered US$82.75 (S$113.4) a share in cash, or about US$14 billion, according to a statement Monday.
Starwood, which has had a merger agreement with Marriott since November, on March 21 said it would proceed with an amended deal after receiving a sweetened bid from its larger competitor... The new offer from Anbang, which is working with J.C. Flowers & Co. and Primavera Capital, shows the insurer won't easily back down as it seeks to build its hotel holdings.
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