After Starwood received the initial offer they obtained a waiver from Marriott allowing them to engage in discussions with the Chinese group and their consortium.
The waiver was set to expire at midnight on Thursday so Marriott has 5 days to respond to this new offer and possibly submit a counteroffer. They released this statement in regards to the recent proposal:
Marriott continues to believe that a combination of Marriott and Starwood is the best course for both companies and offers the best value to Starwood shareholders. Marriott is in the process of reviewing the Anbang consortium’s proposal and is carefully considering its alternatives. The company is considering postponing its Special Meeting of Stockholders which is currently scheduled for March 28, 2016. Marriott has no further public comment at this time.
According to sources from CNBC, Marriott is indeed planning to submit a counteroffer. Shares of both companies spiked in early morning trading on the news.