Chinese insurer Anbang and its financing partners increased their offer from $76 to $78 a share in cash for Starwood hotels. And that’s on top of the cash Starwood shareholders will receive for the spinoff of Starwood’s vacation ownership business (that was estimated at $7 per share at the time of the Marriott acquisition announcement but is currently estimated at $5.67 per share).
Anbang was presumably one of the three Chinese firms were supposedly seeking government permission to make a bid to buy Starwood Hotels.