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Starwood Gets Higher $14 Billion Offer From Anbang-Led Group

  • Investors' latest bid tops Marriott's sweetened proposal
  • Marriott has binding deal set for April 8 shareholder vote
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Will Marriott Lose Out on Starwood to China's Angbang?

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Starwood Hotels & Resorts Worldwide Inc. received a higher $14 billion takeover offer from a group led by China’s Anbang Insurance Group Co., raising the stakes for Marriott International Inc. to counter a second time to salvage a merger that would create the world’s biggest hotel operator.

The takeover battle pits a 12-year-old Chinese firm with aggressive ambitions to expand outside its home country against an 89-year company that’s one of the pioneers in the hotel business. Marriott on Monday reaffirmed its commitment to buying Starwood, which it wants for its loyal pool of guests and brands including Sheraton, Westin and W. Yet analysts including Lukas Hartwich of Green Street Advisors LLC see Marriott as having limited scope to increase its offer without turning a potential win into a Pyrrhic victory.