This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-35912484
The article has changed 3 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
Anbang raises offer for Starwood to $14bn | |
(35 minutes later) | |
Chinese insurance firm Anbang has raised its offer for Starwood Hotels to $14bn (£9.8bn), extending a bidding war with Marriott for the group. | |
Last week, Marriott appeared to have outbid Anbang with a $13.6bn offer that gained support from Starwood's board. | |
In a statement, Starwood's board said the new offer was likely to lead to a "superior proposal". | |
The board though, has not changed its recommendation in favour of a merger with Marriott. | The board though, has not changed its recommendation in favour of a merger with Marriott. |
Starwood owns several hotel brands, including Sheraton, Westin and St Regis. | Starwood owns several hotel brands, including Sheraton, Westin and St Regis. |
Under the terms of its agreement with Marriott, Starwood's board can discuss and provide information to bidders that make superior bids. | |
But under its latest merger agreement with Marriott, Starwood would have to pay a breakup fee to Marriott of $450m if it decides to accept another offer. | But under its latest merger agreement with Marriott, Starwood would have to pay a breakup fee to Marriott of $450m if it decides to accept another offer. |
Anbang, whose consortium includes private equity firms JC Flowers & Co and Primavera Capital, has been making a push into the US market over the last several year. | Anbang, whose consortium includes private equity firms JC Flowers & Co and Primavera Capital, has been making a push into the US market over the last several year. |
It bought the Waldorf Astoria hotel in New York in 2014. | It bought the Waldorf Astoria hotel in New York in 2014. |
Starwood's shares rose 2.4% on Monday on the latest news. | Starwood's shares rose 2.4% on Monday on the latest news. |