Starwood Hotels says the Chinese insurance company Anbang has made a revised offer for an acquisition.
Anbang made a proposal for $81 per share in cash, according to a release on Monday.
“… a revised, non-binding proposal from a consortium consisting of Anbang Insurance Group Co., Ltd., J.C. Flowers & Co. and Primavera Capital Limited (the “Consortium”) is reasonably likely to lead to a “Superior Proposal” as defined in Starwood’s merger agreement with Marriott International, Inc. (MAR) (“Marriott”),” the release said.
Marriott had raised its offer for the hotel chain after Anbang, with a group of companies, outbid it. Marriott offered $21 per share in cash and 0.80 shares of its common stock for each Starwood share owned, valuing Starwood at $13.6 billion.
Starwood shares rose about 2.5% in pre-market trading.
More to come, refresh this page for updates …
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