marriott starwood merger
Marriott International Completes Acquisition of Starwood Hotels & Resorts Worldwide
Marriott International, Inc. | September 23, 2016
Marriott International, Inc. (NASDAQ: MAR) has completed its acquisition of Starwood Hotels & Resorts Worldwide, Inc., creating the world's largest and best hotel company. Marriott now offers the most comprehensive portfolio of brands including leading lifestyle brands, a significant global footprint, and leadership in the luxury and select-service tiers as well as the convention and resort segment. Beginning today, Marriott will match member status across Marriott Rewards – which includes The Ritz-Carlton Rewards – and Starwood Preferred Guest (SPG), enabling members to transfer points between the programs for travel an...
Marriott-Starwood Merger Receives Antitrust Approval from China
Marriott | September 20, 2016
BETHESDA, Md., Sept. 20, 2016 -- Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced their merger transaction has received approval from the Chinese Ministry of Commerce (MOFCOM). As this was the last regulatory approval required to complete the merger, Marriott and Starwood are now able to proceed with closing the transaction and expect the transaction to be completed before the market opens on September 23, pending satisfaction of customary closing requirements. Upon closing, Marriott will solidify its status as the world's largest hotel company. In conjunction w...
Chinese Ministry of Commerce Requests 60-Day Extension for Marriott-Starwood Merger Review
Marriott | August 8, 2016
Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced that, at the request of the Chinese Ministry of Commerce (MOFCOM), they have agreed to extend the time period for MOFCOM to complete its review of the Marriott-Starwood merger transaction. This additional review period, known as phase three, could last up to 60 days. Marriott and Starwood continue to believe that their planned merger transaction poses no anti-competitive issues in China. Approval by China's Ministry of Commerce is the only remaining merger clearance required before the transaction may close. The compa...
Marriott and Starwood Stockholders Vote to Approve Merger
Marriott International, Inc. | April 8, 2016
Bethesda, MD and Stamford, CT, April 8, 2016 – Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced that at separate special stockholder meetings today the stockholders of both companies approved proposals relating to Marriott's acquisition of Starwood, which 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...
Marriott and Starwood Encourage Shareholders to Vote for Merger on April 8, 2016
Marriott International, Inc. | April 1, 2016
BETHESDA, Md., April 1, 2016 -- Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today encouraged shareholders of both companies to vote in support of the proposed merger, which will create the world's largest hotel company, with 30 brands across all major customer segments, significant economies of scale and the most powerful loyalty program in hospitality. Both companies note that their renewed request for shareholder support follows Starwood's announcement that a consortium of potential investors, led by Anbang Insurance Group, has withdrawn its alternative proposal to a...
Anbang Bows Out; Starwood Reaffirms Commitment to Marriott Merger
Starwood | April 1, 2016
Values Starwood at $77.94 Per Share or $13.3 Billion; Total Per Share Value of $84.07 With Separate ILG Transaction Consideration Provides Significant Upfront Cash and Long-Term Ownership in Largest Hospitality Company in the World Transaction Expected to Create $250 Million in Cost Synergies and Significant Revenue Synergies Special Meeting of Stockholders to Consider Marriott Transaction Set for April 8 STAMFORD, Conn.- April 1, 2016 - Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) ("Starwood") today announced that the consortium consisting of Anbang Insurance Group Co., Ltd., J.C. Flowers & Co. and Primavera Capital Lim...
Marriott Reaffirms Its Commitment to Acquire Starwood Hotels & Resorts Worldwide
Marriott International, Inc. | March 28, 2016
Says Its Signed Deal Provides Greater Long-Term Value for Starwood Stockholders Marriott Will Adjourn Special Meeting of Stockholders to April 8, 2016 Bethesda, Md., March 28, 2016 – Marriott International, Inc. (NASDAQ: MAR) today reaffirmed its commitment to acquire Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT), confident that the previously announced amended merger agreement is the best course for both companies. The combined company will offer stockholders significant equity upside and greater long-term value driven by a larger global footprint, wider choice of brands for consumers, substantial revenue synergies, a...
Starwood Determines Revised Anbang Proposal is Likely to Lead to a Superior Proposal
Starwood Hotels & Resorts Worldwide, Inc. | March 28, 2016
STAMFORD, Conn.- March 28, 2016 - Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) ("Starwood") today announced that its Board of Directors, in consultation with its legal and financial advisors, determined that a revised, non-binding proposal from a consortium consisting of Anbang Insurance Group Co., Ltd., J.C. Flowers & Co. and Primavera Capital Limited (the "Consortium") is reasonably likely to lead to a "Superior Proposal" as defined in Starwood's merger agreement with Marriott International, Inc. (NASDAQ: MAR) ("Marriott"). On March 26, 2016, Starwood received a non-binding proposal from the Consortium, under which th...
