Anbang's US$14 billion offer could kill Marriott's bid for Starwood

New York

MARRIOTT International Inc is facing the prospect that four months of work towards completing a purchase of Starwood Hotels & Resorts Worldwide Inc coming undone.

Starwood received a takeover offer of US$82.75 a share, or US$14 billion, from a group led by China's Anbang Insurance Group Co.

That's higher than Marriott's last bid, raising the stakes for the lodging company to counter a second time to save a merger that would create the world's biggest hotel operator.

Marriott has planned for the acquisition since November, when Starwood first agreed to be bought by its larger rival in a cash-and-stock deal. "The time and energy they've invested is not something they're going to happily walk...

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