Meetings Canada

News

China Approves Marriott Starwood Merger


BETHESDA, MD. — Marriott International and Starwood Hotels & Resorts Worldwide announced on Sept. 20 that their merger transaction has received approval from the Chinese Ministry of Commerce (MOFCOM).

Since this was the last regulatory approval required to complete the merger, Marriott and Starwood can now proceed with closing the transaction and expect the transaction to be completed before the market opens on Sept. 23, pending satisfaction of customary closing requirements. Upon closing, Marriott will solidify its status as the world’s largest hotel company.

In conjunction with the merger closing, Starwood expects its shares will cease trading on the New York Stock Exchange before market open on Sept. 23. As previously announced, Starwood shareholders will receive $21 in cash and 0.80 shares of Marriott International, Inc. Class A common stock for each share of Starwood Hotels & Resorts Worldwide common stock.

Assuming that the transaction closes as expected, former Starwood shareholders will be entitled to receive Marriott’s quarterly cash dividend of 30 cents per share of Marriott common stock that Marriott’s board of directors declared on Sept. 13 and which is payable to all Marriott shareholders of record at the close of business on Sept. 23. In that case, Starwood’s former public shareholders will not receive the dividend declared by Starwood’s board of directors on Sept. 13. The dividend to Marriott shareholders, including the former Starwood shareholders, will be paid on Sept. 30.

Marriott International is a global leading lodging company based in Bethesda, Md., with more than 4,500 properties in 88 countries and territories.

The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton, Bulgari, EDITION, JW Marriott, Autograph Collection Hotels, Renaissance Hotels, Marriott Hotels, Delta Hotels and Resorts, Marriott Executive Apartments, Marriott Vacation Club, Gaylord Hotels, AC Hotels by Marriott, Courtyard, Residence Inn, SpringHill Suites, Fairfield Inn & Suites, TownePlace Suites, Protea Hotels by Marriott and Moxy Hotels.

Starwood Hotels & Resorts Worldwide has more than 1,300 properties in 100 countries.



Print this page




Have your say:

Your email address will not be published. Required fields are marked *

*