Stockholders of both Marriott and Starwood Hotels & Resorts have approved proposals relating to Marriott’s acquisition of Starwood, which will create the world’s largest hotel company. Holders of over 97 per cent of Marriott shares present and voting at the meeting, representing over 79 per cent 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 per cent of Starwood shares present and voting at the meeting, representing over 63 per cent of outstanding shares, voted in favour of a proposal to approve the transaction.
Arne Sorenson, president and CEO, Marriott, said, “With this successful stockholder approval milestone, we are 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.”
At closing, 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 mid-2016 pending completion of Starwood’s planned divestiture of its timeshare business expected on or around April 30, 2016, obtaining remaining regulatory approvals, including in the European Union and China, and the satisfaction of other customary closing conditions. The parties have already cleared the pre-merger antitrust review in the United States and Canada and multiple other jurisdictions.