China's Anbang raises offer for Starwood Hotels to $13.9B

March 28, 2016 2:32 PM

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A group of investors, led by Chinese insurer Anbang, has raised its offer to buy the hotel chain operator to about $13.9 billion – or $82.75 per share in cash – trumping a competing bid from Marriott International.

The revised, non-binding offer from Anbang “is reasonably likely to lead to a ‘superior proposal’" than the one pitched by Marriott, Starwood said in a statement Monday.

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