Anbang consortium ups offer for Starwood Hotels & Resorts

|By:, SA News Editor

Starwood Hotels & Resorts (NYSE:HOT) says a new offer from a consortium led by Anbang came in at $82.75 per share. If the consideration for Interval Leisure Group (NASDAQ:IILG) is factored in, the offer has a combined value of $88.66.

The company says the new bid is "reasonably likely" to qualify as a superior proposal, although Marriott International (NASDAQ:MAR) can still come in with another offer. The Starwood board is on record as preferring the Marriott offer.

HOT +2.42% premarket to $84.10.

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