Starwood receives nearly $14B buyout bid from Chinese group
NEW YORK (AP) — A fight for control of the Starwood hotel chain is under way after a $14 billion buyout offer from a consortium led by China's Anbang Insurance Group.
Marriott International Inc. has already bid for Starwood, owner of Sheraton and St. Regis hotels, in a deal worth $12.2 billion. Starwood was given permission by Marriott to consider other offers.
Starwood Hotels & Resorts Worldwide Inc. said Monday that it still favors the Marriott deal, but that it's looking at the latest bid.
That offer includes $76 per Starwood share and Interval Leisure Group stock currently valued at about $5.50 per Starwood share.
Just days ago, Anbang cut a $6.5 billion deal with Blackstone Group for the Strategic Hotels & Resorts Inc.
Marriott said Monday that it stands behind its offer.