Anbang, JCF, Primavera Capital bid over $13B for Starwood
March 21, 2016
A consortium including Anbang Insurance Group, J.C. Flowers & Co. and Primavera Capital has increased its takeover bid for Starwood Hotels & Resorts Worldwide (NYSE: HOT) from $76 per share to $78 per share, a revised total value of roughly $13.2 billion. The company’s Board of Directors has deemed the new offer “superior” to a merger agreement with Marriott (NASDAQ: MAR) announced last November for a total consideration of $12.2 billion. Marriott now has until March 28 to submit a counteroffer. Starwood owns, operates and franchises brands such as St. Regis, W, Westin and Sheraton.