China’s Anbang Insurance Group Co raised its offer for Starwood Hotels & Resorts Worldwide to almost $14 billion, Starwood said on Monday, in the latest challenge to the U.S. hotel operator’s merger with Marriott International.
The bidding war for Starwood has pitted Marriott’s ambitions to create the world’s largest lodging company with about 5,700 hotels against Anbang’s drive to create a vast portfolio of U.S. real estate assets.
The acquisition of Starwood, owner of the Sheraton and Westin brands, by Anbang would be the largest ever by a Chinese company in the United States.
Anbang’s consortium, which includes private equity firms J.C. Flowers & Co and Primavera Capital Ltd, has offered $82.75 per share in cash, in what is reasonably likely to lead to a proposal that is superior to the deal with Marriott, Starwood said on Monday. Reuters had reported earlier on Monday that Anbang had raised its offer.
Full content: Forbes
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
DOJ Launches Dual Antitrust Probes into Nvidia
Aug 2, 2024 by
CPI
Harris Outlines Plans to Curb Price Gouging and Ban Hidden Fees Ahead of Election
Aug 1, 2024 by
CPI
European Commission Approves $34 Billion Merger Between Bunge and Viterra
Aug 1, 2024 by
CPI
Apple Seeks Dismissal of Antitrust Lawsuit in New Jersey Court
Aug 1, 2024 by
CPI
South Korea Loses Appeal Over $100 Million Payout to Elliott in Samsung Merger Dispute
Aug 1, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – International Trade & Antitrust
Jul 26, 2024 by
CPI
What is Wrong with the WTO Discipline on Subsidies?
Jul 26, 2024 by
CPI
The Abiding Tension Between Trade Remedy Law and Antitrust
Jul 26, 2024 by
CPI
Trade and Antitrust: An End to Isolationism
Jul 26, 2024 by
CPI
International Trade Law and Domestic Regulation of Generative Artificial Intelligence: Divergent Approaches?
Jul 26, 2024 by
CPI