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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?

Starwood Points are the most valuable points currency out there.
Starwood Preferred Guest® Credit Card from American Express
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More Things to Know
  • Earn 75,000 Bonus Points after you use your new Card to make $3,000 in purchases within the first 3 months.
  • Earn 6 points for each dollar of eligible purchases at participating SPG® and Marriott Rewards® hotels and 2 points on all other eligible purchases.
  • No Foreign Transaction Fees on International purchases.
  • Receive 1 Free Night Award every year after your Card account anniversary. Award can be used for one night (redemption level at or under 35,000 points) at a participating hotel. Select hotels have resort fees.
  • Enjoy complimentary, unlimited Boingo Wi-Fi on up to four devices at more than 1,000,000 Boingo hotspots worldwide. Enrollment required.
  • $0 introductory annual fee for the first year, then $95.
  • Terms Apply.
  • See Rates & Fees
Intro APR on Purchases
N/A
Regular APR
17.74%-26.74% Variable
Annual Fee
$0 introductory annual fee for the first year, then $95.
Balance Transfer Fee
Either $5 or 3% of the amount of each transfer, whichever is greater.
Recommended Credit
Excellent/Good
Terms and restrictions apply. See rates & fees.

 

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