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SHAREHOLDERS have voted to approve a merger between Marriott International and Starwood Hotels & Resorts, putting the companies on track to become the world’s largest hotel chain.
Starwood shareholders are set to receive 0.8 share of Marriott common stock and US$21 in cash for each share of Starwood common stock they own.
In November last year, Starwood was set to be acquired by Marriott but an attempt by Chinese insurance giant Ambang to buy off Starwood with an all-cash bid halted the process. Last month, Starwood agreed to Ambang’s bid, leading to Marriott’s counter-offer and Ambang’s sudden withdrawal from the deal.
Marriott CEO Arne Sorenson said, “In addition to achieving a key milestone in our merger process, this affirmative vote by Starwood’s shareholders effectively ends the possibility for any other bids for Starwood.”
The vote is a step towards closing the deal in the middle of the year. The combined company will have 30 brands and 1.1 million rooms under its belt.
Source: travelwireasia.com