Skadden, Arps, Slate, Meagher & Flom is representing a consortium led by China’s Anbang Insurance Group Co. Ltd. on a $14 billion bid for Starwood Hotels & Resorts Worldwide Inc.
The Chinese insurance company is teaming up with U.S. private equity firm J.C. Flowers & Co. and Beijing-based buyout firm Primavera Capital to offer $82.75 apiece for all outstanding shares of New York Stock Exchange-listed Starwood. The offer values Starwood at $14 billion, a 3 percent increase from the most recent $13.6 billion bid made by hotel group Marriott International Inc.
Earlier, Anbang had made a $13.2 billion offer, which Marriott topped last week with a $13.6 billion bid. Starwood, which had accepted Marriott’s most recent offer, said it is now in negotiation with both parties.
If Anbang’s offer is successful, this acquisition will follow the company’s $6.5 billion agreement to buy Chicago-based Strategic Hotels & Resorts Inc., a REIT that owns 18 hotels in the U.S. and Germany. In 2014, the Chinese company made headlines by acquiring New York’s iconic Waldorf Astoria hotel for $2 billion.
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