Anbang Submits a New Bid for Starwood Hotels
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And the saga continues…
This morning, Starwood Hotels shared the news that its Chinese suitor just submitted yet another bid for the chain, this time offering a total of $82.75 per share — or a total of roughly $14 billion in cash. That represents a huge jump over Anbang’s previous bid of $78 per share. It’s also a significant increase over Marriott’s latest offer of $79.53, which is actually now worth a bit less following a drop in Marriott’s share price.
To recap, here’s the Starwood merger events as they’ve unfolded to date:
May 1, 2015 — Rumors of IHG preparing a bid to acquire Starwood
October 28, 2015 — Starwood CEO Adam Aron mentions the possibility of a sale during an earnings call
November 16, 2015 — Marriott announces its intention to acquire Starwood
November 20, 2015 — Marriott CEO Arne Sorenson addresses questions about Marriott and SPG
January 22, 2016 — TPG chatted SPG with Marriott’s Vice President of Loyalty
February 24, 2016 — TPG shares plans to attend a Marriott loyalty forum in Los Angeles
March 14, 2016 — Starwood and Marriott acknowledge Anbang’s bid
March 18, 2016 — Starwood accepts Anbang’s bid
March 18, 2016 — Starwood CEO Tom Mangas addresses the latest acquisition news
March 21, 2016 — Marriott Outbids Anbang with Latest Offer for Starwood
March 22, 2016 — Here’s What Marriott Plans to Do with Starwood Preferred Guest
According to the Starwood release, the company’s board has not changed its recommendation for Starwood to merge with Marriott— if that ends up being the case, we’ll see SPG eventually folded into Marriott Rewards. Still, will Marriott submit yet another bid to top Anbang? I imagine we’ll have a better idea within the next few days…
Featured image courtesy of W Beijing – Chang’an
Which suitor are you rooting for?