The Anbang Insurance-led consortium has increased its offer for Starwood Hotels & Resorts, as it competes with Marriott International to acquire the US hotel operator.
The consortium is now offering $82.75 a share in cash, valuing Starwood at around $14bn. The latter last week accepted an improved bid by Marriott of $21 in cash plus 0.80 of a share, giving a total of $13.6bn, and would have to pay a fee of $450m if it changes its mind.
Marriott said it was confident that its offer represented the best course for both companies. Starwood said it was in talks with Anbang, but noted that its board was continuing to back the deal with Marriott.
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