The deal is one (big) step closer to completion: At separate special stockholder meetings today, the stockholders of both Marriott International and Starwood Hotels & Resorts Worldwide approved proposals relating to Marriott’s acquisition of Starwood.
The merger, as previously announced, will create the world’s largest hotel company. Holders of over 97 percent of Marriott shares present and voting at the meeting, representing over 79 percent of outstanding shares, voted in favor of a proposal to issue shares of Marriott common stock in connection with the transaction, and holders of over 95 percent of Starwood shares present and voting at the meeting, representing over 63 percent of outstanding shares, voted in favor of a proposal to approve the transaction.
“With today’s successful stockholder approval milestone, we are that much closer to completing our transaction," Arne Sorenson, Marriott’s president and CEO, said in a statement. "Our teams continue to plan the integration of our two companies, and we are committed to a timely and smooth transition.”
“There is no doubt that this transaction puts our company on the best path forward,” Thomas B. Mangas, Starwood’s CEO, added.
At closing, Starwood stockholders will receive 0.8 shares of Marriott common stock plus $21.00 in cash for each share of Starwood common stock.
As previously announced, the parties have cleared the pre-merger antitrust review in the United States and Canada and multiple other jurisdictions. The transaction remains on track to close mid-2016 pending completion of Starwood’s planned divestiture of its timeshare business expected on or around April 30, obtaining remaining regulatory approvals, including in the European Union and China, and the satisfaction of other customary closing conditions.