World’s largest hotel company to form after stockholders vote
Marriott International and Starwood Hotels & Resorts Worldwide have announced that at separate special stockholder meetings the stockholders of both companies approved proposals relating to Marriott’s acquisition of Starwood.
Holders of over 97 percent of Marriott shares present and voting at the meeting, representing over 79 percent of outstanding shares, voted in favour 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 favour of a proposal to approve the transaction.
Arne Sorenson, Marriott’s president and chief executive officer, said: “With today’s 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. 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 chief executive officer, stated: “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.”
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.
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