It’s been tumultuous but the Marriott-Starwood merger saga should conclude tomorrow morning when shareholders of both companies meet to vote on the proposal.
The respective shareholder meetings will take place at 10:00 a.m. EST.
The merger, if supported by shareholders, will result in the creation of 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.
Under the terms of the existing merger agreement, Starwood shareholders will receive a $21.00 USD in cash and 0.80 shares of Marriott International, Inc. Class A common stock for each share of Starwood Hotels & Resorts Worldwide, Inc. common stock. Starwood shareholders will own approximately 34 percent of the combined company’s common stock after completion of the merger, based on current shares outstanding.
Starwood’s Board of Directors unanimously support the merger and have recommended that Starwood stockholders vote their shares in favour of the pending combination with Marriott.
The merger, which was first announced on November 16, 2015, faced competing bids from a consortium of investors led by Anbang Insurance Group.
On March 31, 2016, Starwood announced that the Consortium had withdrawn its alternate proposal to acquire Starwood.
MARRIOTT-STARWOOD MERGER UPS AND DOWNS
- November 16, 2015 – “Marriott and Starwood Announce Merger Agreement“
- February 19, 2016 – “Marriott & Starwood Set Stockholder Meetings Date“
- March 15, 2016 – “Anbang Makes Bid for Starwood“
- March 18, 2016 – “Consortium Bid Derails Starwood-Marriott Merger“
- March 21, 2016 – “Marriott-Starwood Merger Back On“
- March 31, 2016 – “Starwood Presses Pause on Marriott Merger (Again)“
- April 1, 2016 – “Starwood-Marriott Merger Back On (Again)“
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