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Starwood Accepts Anbang's Bid for Acquisition
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A week ago, most Americans had never heard of an insurance company called Anbang — now the Chinese firm could very well be the next owner of Starwood Hotels.
According to CNBC, Starwood has accepted Anbang's bid of $78 per share, or a total of $13.2 billion (which is a hair higher than Anbang's initial bid of $76 per share). The CNBC article states that "Hotel operator Starwood Hotels & Resorts Worldwide will be acquired by Chinese insurer Anbang," but it's not quite as simple as that.
Marriott now has five days to respond with a higher bid, in which case a bidding war will likely begin, giving both companies an opportunity to compete for Starwood and its beloved SPG program. According to CNBC's sources, Marriott does plan to make a counter-bid, so saying that Anbang will acquire Starwood definitively seems a bit premature.
Investors are indeed expecting a bidding war — Starwood's share price has now climbed above the Anbang offer price to over $80 per share in pre-market trading, and it could jump beyond that throughout the day. Of course, it's still unclear what this news means for Starwood Preferred Guest and your Starpoints — stay tuned!
Which company do you want to acquire Starwood?
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Best for businesses with high spending
TPG Editor‘s Rating
Go to reviewCard Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
Rewards Rate
| 2X miles | 2 miles per dollar on every purchase |
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Earn 200K miles when you spend $30K in the first 3 months, and an additional 200K miles when you spend $150K in the first 6 monthsLIMITED-TIME OFFER: Earn up to 400K bonus milesAnnual Fee
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Credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.740-850Excellent
Why We Chose It
The Capital One Venture X Business Card has all the Capital One Venture X Rewards Credit Card has to offer and more. It offers an incredible welcome bonus and requires an equally impressive spend to qualify. In addition, the card comes with premium travel perks like annual travel credit. (Partner offer)Pros
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- Earn unlimited 2X miles on every purchase, everywhere—with no limits or category restrictions
- Earn 10X miles on hotels and rental cars and 5X miles on flights and vacation rentals booked through Capital One Business Travel
- With no preset spending limit, enjoy big purchasing power that adapts so you can spend more and earn more rewards
- Empower your teams to make business purchases while earning rewards on their transactions, with free employee and virtual cards. Plus, automatically sync your transaction data with your accounting software and pay your vendors with ease
- Redeem your miles on flights, hotels and more. Plus, transfer your miles to any of the 15+ travel loyalty programs
- Every year, you'll get 10,000 bonus miles after your account anniversary date. Plus, receive an annual $300 credit for bookings made through Capital One Business Travel
- Receive up to a $120 credit for Global Entry or TSA PreCheck®. Enjoy access to 1,300+ airport lounges worldwide, including Capital One Lounge locations and Priority Pass™ lounges, after enrollment
- Enjoy a $100 experience credit and other premium benefits with every hotel and vacation rental booked from the Premier Collection
- This is a pay-in-full card, so your balance is due in full every month