The bidding war for Starwood isn’t over yet. China’s Anbang Insurance has upped its offer to $14B, beating out Marriott’s new and improved $13.6B offer—just as experts predicted last week.
Marriott’s first $12.2B offer, made in fall 2015, was disrupted two weeks ago when Anbang swooped in with its own unsolicited $13.2B takeover bid, forcing Marriott to come back with a higher $13.6B offer for the hotel chain.
Starwood said that Anbang's new $14B offer is likely to be a “superior proposal,” and it remains to be seen if Marriott will up its offer for a second time.
The competition for Starwood comes as the massive hotel chain becomes the first US lodging company to expand into Cuba since the revolution, looking to capitalize on thawing political tensions with the island paradise. [WSJ]
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