Starwood Accepts Anbang’s Bid for Acquisition
This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.
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?
WELCOME OFFER: 60,000 Points
TPG'S BONUS VALUATION*: $1,200
CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners
*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
- 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Earn 5X points on Lyft rides through March 2022. That’s 3X points in addition to the 2X points you already earn on travel.