Wednesday,  September 18, 2019  2:12 pm

Starwood, Marriott boards approve merger


Starwood, Marriott boards approve merger

The boards of both Marriott International and Starwood Hotels & Resorts Worldwide approved the businesses’ merger, 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 percent of Starwood shares present and voting at the meeting, representing over 63 per cent of outstanding shares, voted in favor of a proposal to approve the transaction. 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.

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