Marriott International, Inc. and Starwood Hotels & Resorts Worldwide’s stockholders will meet separately at 10:00 a.m. EST on March 28, 2016 to vote on the previously announced combination transactions. The mailing of their joint proxy statement were expected to begin on or about February 19, 2016 to stockholders of record as of February 2, 2016.
The Marriott stockholder meeting will be held at its corporate headquarters in Bethesda, Maryland. The Starwood stockholder meeting will be held at the Sheraton Stamford Hotel, in Stamford, Connecticut.
Marriott and Starwood are cooperating with competition authorities in the United States and a number of other jurisdictions worldwide as they seek regulatory approvals for the transaction. The companies expect to close the deal in mid-2016, subject to receipt of regulatory approvals, Starwood’s divestiture of its vacation ownership business, and satisfaction of other customary conditions precedent.
Securities laws and other legal considerations will prevent Marriott from repurchasing any shares from today until Marriott’s and Starwood’s stockholders have voted on the proposed merger.
Marriott & Starwood Merger
The boards of directors of Marriott and Starwood announced on Monday, November 16, 2015 that they had approved a definitive merger agreement under which the companies will create the world’s largest hotel company—1.1 million rooms in more than 5,500 hotels in 100+ countries.
Arne Sorenson, president and chief executive officer, Marriott International, explained that growth is the driving force behind the transaction. “This is an opportunity to create value by combining the distribution and strengths of Marriott and Starwood, enhancing our competitiveness in a quickly evolving marketplace.”
Adam Aron,interim CEO of Starwood Hotels & Resorts Worldwide, said: “We are excited to play a vital role in the creation of the biggest and best hotel company in the world with tremendous upside potential. The combination of our two companies brings together the best in innovation, culture and execution.”
Complete details of the transaction are available on www.marriott.com/investor and www.starwoodhotels.com/corporate/about/investor/index.html.
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