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| Anbang raises offer for Starwood to $14bn | Anbang raises offer for Starwood to $14bn |
| (about 7 hours 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. | 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. | 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". | 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. | |
| 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. | 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 decided 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 shares rose 2% on Monday to $83.75 on the higher Anbang offer. |