STAMFORD, Conn. — Starwood Hotels & Resorts Worldwide, Inc. announced yesterday that it has received a new non-binding proposal from the consortium consisting of Anbang Insurance Group Co., Ltd., J.C. Flowers & Co. and Primavera Capital Limited.
This new bid trumps the $13.6 billion amended merger agreement Starwood signed with Marriott International, Inc. last week. The revised offer would see the consortium acquire all outstanding shares of Starwood common stock for $82.75 per share in cash — an increase of $4.75 per share from the Consortium’s previous bid — for a total value of $14 billion.
Starwood’s Board of Directors has determined the consortium’s new proposal is reasonably likely to lead to a superior proposal and has engaged in discussions with, and provided diligence information to, the consortium in connection with its proposal.
Starwood and Marriott stockholders are expected to vote on Marriott’s proposed acquisition of Starwood on April 8.