Take that Anbang!

Just days after the China-based insurance giant appeared to win a bidding war for Starwood Hotels and Resorts, Marriott International returned on Monday with a sweetened offer— a $13.6 billion bid that clinched the deal.
Starwood said it accepted the offer — which topped Anbang’s $13.2 billion offer on Friday.

A Marriott-Starwood combination would create the world’s largest hotel chain — bringing together under one corporate entity the Sheraton, Westin, Ritz-Carlton and Marriott nameplates.

The combined company will have over 5,500 hotels with 1.1 million rooms worldwide, giving Marriott a greater presence in markets such as Europe, Latin America and Asia and allow it to better compete with apartment-sharing startups such as Airbnb.

Marriott has cleared pre-merger antitrust review in the United States and Canada. Approvals from the EU and China are pending.

Marriott’s mostly cash bid is valued at $79.53 a share. Anbang Insurance’s latest offer, an all-cash deal, was for $78 a share.

Starwood said Anbang’s proposal no longer constituted a “superior proposal” and under the revised merger agreement it was not allowed to engage in discussions with Anbang.

A deal with Anbang would have likely faced a review by the US Committee on Foreign Investment in the United States, an interagency panel that reviews deals to ensure they do not harm national security.

Starwood shareholders will receive $21.00 in cash and 0.80 shares of Marriott Class A common stock for each share held, Marriott said on Monday.

Starwood shares were up 3 percent at $82.72 before the opening bell on Monday. Marriott was down 1 percent at $72.25.

Under the revised agreement, Starwood will pay a breakup fee of $450 million, up from $400 million previously.
Starwood Chairman Bruce Duncan said the company was pleased that Marriott has “recognized the value” that Starwood brings to this merger.

Anbang was not immediately available for comment.

This story first appeared on NewYorkPost.com.