The planned merger of Marriott International and Starwood Hotels & Resorts Worldwide is almost certain to go ahead after the shareholders of both companies voted to approve the deal.
Both companies held special stockholder meetings on 8 April to push the deal through. Holders of more than 97% of Marriott shares present and voting at the meeting, representing 79% of outstanding shares, voted in favour of the transaction, as did more than 95% of Starwood’s voting shareholders, representing 63% of the company’s shares.
At the timing of closing, Starwood stockholders will receive 0.8 shares of Marriott common stock plus US$21.00 in cash for each share of Starwood common stock.
“With today’s successful stockholder approval milestone, we are that much closer to completing our transaction,” said Arne Sorenson, Marriott’s president & CEO.
“Our teams continue to plan the integration of our two companies, and we are committed to a timely and smooth transition. We appreciate the stockholders’ vote of confidence in our ability to drive long-term value and opportunity as a combined company.”
Thomas B. Mangas, Starwood’s CEO, added; “Today’s vote is a significant step toward closing and we are grateful for the continued enthusiasm and support for this merger. There is no doubt that this transaction puts our company on the best path forward and we remain excited about the opportunity this combination will create for our stockholders, associates, owners and guests.”
Marriott’s bid for Starwood is worth approximately US$13.6 billion in cash and stock. The deal is now expected to close in mid-2016, creating the world’s largest hotel group.
Comments are closed.