Shareholders approve Marriott-Starwood merger - TTG Asia - Leader in Hotel, Airlines, Tourism and Travel Trade News
 
Saturday . August 19 . 2017
         
Follow TTG Asia on Twitter
TTG ASIA this week
TTG Asia ASEAN 50th Anniversary Special Supplement
TTG Asia Luxury
 
Share |
Shareholders approve Marriott-Starwood merger
Bethesda and Stamford, April 11, 2016
 

AT separate meetings that took place last Friday, shareholders of Marriott International and Starwood Hotels & Resorts Worldwide have given the green light for Marriott to acquire Starwood, bringing the creation of the world’s largest hospitality company one step closer to fruition.

 

This is a crucial step in the merger process, which had seen interference from a third entity led by China’s Anbang Insurance Group, leading to a short but intense bidding war for Starwood.

 


The Sheraton Stamford Hotel

 

Now with holders of over 95 per cent of Starwood shares voting in favor of the deal with Marriott last week, the merger is only a few regulatory approvals away from becoming reality.

 

Pre-merger antitrust reviews in the US, Canada and multiple other jurisdictions have already been cleared while approvals in the European Union and China are currently being processed.

 

Commenting on the shareholder meetings, Arne Sorenson, Marriott’s president and CEO, said: “With the successful stockholder approval milestone, we are that much closer to completing our transaction. Our teams continue to plan the integration of our two companies, and we are committed to a timely and smooth transition.”

 

As of Friday’s closing numbers, Starwood stockholders will receive 0.8 shares of Marriott common stock plus US$21 in cash for each share of Starwood common stock.

 

The transaction remains on track to close by mid-2016.

Print Top Stories
 
 
Editor's pick >
   
Planning for tomorrow

by TTG Asia reporters

Keeping the land fertile

by Marissa Carruthers

Clutching at straws of recovery

by Marissa Carruthers

Competing for fun

by Pamela Chow

In a state of vast potential

by S Puvaneswary

 

 

>