China's Anbang Insurance Group raised its offer for Starwood Hotels & Resorts Worldwide Inc. to nearly $14 billion, Starwood confirmed on Monday. Anbang is involved in a highly intense bidding war against Marriott International Inc.

Starwood, which is also the owner of well-known hotels like Westin, Sheraton and W Hotels, revealed that Anbang has spiced up its offer to $81 per share in cash on Saturday. After discussions between the two companies, Anbang's consortium, including J.C. Flowers & Co and Primavera Capital Ltd., raised its offer to $82.75 per share which will likely lead to a superior proposal Marriott has to deal with.

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Marriott's recent cash-and-stock offer, announced on March 21, stands at $78 a share. Starwood said its recommendation to its shareholder supporting the company's merging with Marriott has not been changed yet and vote casting to approve Marriott's deal is scheduled on April 8.

Marriott on Monday refused to comment if it would make another counteroffer, but it is confident that the previously announced amended merger deal with Starwood is the best option for the two companies, Reuters reported.

"Starwood stockholders should give serious consideration to the question of whether the Anbang-led consortium will be able to close the proposed transaction, with a particular focus on the certainty of the consortium's financing and the timing of any required regulatory approvals," Marriott said.

The Beijing-based insurer's latest bid is 13.5 times greater than Starwood's current earnings. If Anbang successfully wins the bidding war, the acquisition will mark the largest Chinese purchase of a US company in history.

TagsAnbang Insurance, Starwood Hotels, Marriott Hotels, bidding wars, deals