Anbang’s failed $14.2 billion bid for Starwood Hotels Resorts Worldwide isn’t just a setback for the ambitious insurance company it may well have knocked the credibility of all aspiring Chinese overseas buyers.
The company’s behaviour during its unsolicited pursuit of Starwood underscored impressions that Chinese bidders can be difficult to read and unpredictable. Anbang also played fast-and-loose with people’s expectations for funding documentation.
Management boards at MA targets have to spend more time and money evaluating bids from privately owned, youthful companies such as Anbang, which was only founded in 2014. To do so, they have to be certain it’s worth the time and effort....
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