Starwood weighs improved takeover bid from China's Anbang

GMT 14:32 2016 Monday ,28 March

Arab Today, arab today Starwood weighs improved takeover bid from China's Anbang

China
New York - AFP

Starwood Hotels & Resorts said Monday it was weighing an improved takeover bid from a group led by Chinese insurer Anbang rivaling its agreed deal with Marriott International.

In the latest turn in the bidding war for the US hospitality company, Starwood said the consortium led by Anbang Insurance proposed Saturday a cash offer $14 billion, topping Marriott's $13.6 billion bid which the Starwood board is still recommending.

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