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

The bidding war for Starwood Hotels & Resorts Worldwide is heating up.

A group of investors led by Chinese insurer Anbang raised its offer for the hotel operator to $13.9 billion, or $82.75 per share in cash.

Last week, Starwood agreed to a $13.6 billion buyout offer from Marriott International.

However, the new bid from Anbang is likely to be topped, Starwood officials said, noting the offer is the "superior proposal."

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