Once again, China’s Anbang Insurance Group Co. offered a superior competing bid to Marriott’s bid. This time Anbang made a 14 billion dollar bid which exceeded Marriott’s latest 13.6 billion dollar bid. Starwood is considering the offer and I look forward to seeinf what Marriott’s next move will be. However, some lodging analysts think that Marriott will not raise their offer again.
Recall what has happened in this bidding war so far…
Last November, Marriott and Starwood announced a merger. The deal was set to close at the end of March, but before that there was another offer for Starwood.
In mid March, a group led by China’s Anbang Insurance Group Co. offered a superior competing bid to acquire Starwood. Marriott had a few days to counter this offer.
A few days later, Marriott made a new bid of $13.6 billion (the old offer was $13 billion). The new offer was 20% in cash, and the rest is Marriott stock. Anbang’s bid was $13.3 billion in cash.
Starwood agreed to the sweetened $13.6 billion deal with Marriott.
And now today, Anbang counters once again with a $14 billion offer. I wish I owned some shares of Starwood stock!