China’s Anbang has raised its offer to $14bn (£9.8bn) in the ongoing battle to win control of Starwood Hotels and Resorts Worldwide.
The offer was made after a weekend of discussions between Anbang and Starwood, which saw the insurer finally raise its offer from $81 per share to $82.75.
The move follows an offer last week from the Marriott hotel group of $13.6bn, or $79.53 per share.
The battle has seen the two bidders raise their bids over the past two weeks, with Anbang being considered to have the more firepower.
As a result, Marriott is believed to be unable to offer more than its latest bid and has cancelled an investor meeting scheduled for today in New York.
Anbang’s latest offer has been met positively by the board of Starwood, who have officially declared that the Chinese company’s offer is “reasonably likely to lead to a superior proposal”, which will officially allow Starwood to engage in discussions and provide confidential information.
Anbang is joined in its bid by private equity firms JC Flowers and Primavera Capital.
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