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NEWS
Marriott and Starwood set to merge after green light from shareholders
POSTED 08 Apr 2016 . BY Jak Phillips
Marriott president and CEO Arne Sorenson said the companies are 'committed to a timely and smooth transition'
The on-again off-again merger of Starwood Hotels & Resorts and Marriott International looks set to go ahead after shareholders of both companies voted en masse for the proposed deal.

Marriott's cash-and-stock acquisition of Starwood, valued at US$12.41bn as of Thursday (7 April), will create the world’s largest hotel company. Holders of more than 97 per cent of Marriott shares and 95 per cent of Starwood shares voted in favour of the transaction at separate meetings today (8 April).

Starwood CEO Thomas B. Mangas described the vote as "significant step toward closing” the deal, which was almost derailed by a late rival bid. A consortium led by Anbang Insurance Group pledged a higher price for Starwood and only withdrew its proposal to acquire Starwood last week, paving the way for the Marriott/Starwood merger to move ahead. Anbang dropped its offer “as a result of market considerations” and did not intend to make another proposal, Starwood said in a statement.

Commenting on the backing of the deal from shareholders, Arne Sorenson, Marriott’s president and CEO, said: “With today’s successful stockholder approval milestone, we are that 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.”

As previously announced, the parties have cleared the pre-merger antitrust review in the United States and Canada and multiple other jurisdictions. The transaction remains on track to close in mid-2016 pending completion of Starwood’s planned sale of its timeshare business later this month, obtaining remaining regulatory approvals, including in the European Union and China, and the satisfaction of other customary closing conditions.
RELATED STORIES
  Anbang withdraws offer to buy Starwood


The consortium lead by Anbang Insurance Group has withdrawn its proposal to acquire Starwood, paving the way for the Marriott/Starwood merger to move ahead. Anbang dropped its offer 'as a result of market considerations' and does not intend to make another proposal, Starwood said in a statement.
  Breaking: Starwood-Marriott merger back on again after Marriott ups its offer


The Starwood-Marriott merger is back on again after a rival offer last week led by Chinese insurance company Anbang tried to thwart the deal.
MORE NEWS
Rugby legend Jonny Wilkinson joins the speaker lineup at the HCM Summit to share insights into his journey to health and wellbeing
Rugby legend, Jonny Wilkinson has been announced as a keynote speakers for the HCM Summit on 24 October in London.
Woodland Spa to double footprint with £16m revamp, set to complete in August
The Woodland Spa, a premier UK day spa located in Burnley, Lancashire, is set to unveil the results of its £16 million (US$20.5 million, €18.9 million) transformation this August.
Therme creating ‘natural-healing urban oasis’ in South Korea, eyes further locations in Asia and US
Global wellbeing organisation Therme Group is on a mission to make wellness accessible to all and is expanding globally, bringing its social spas to the US, Canada, the UK and now South Korea.
Prime IV Hydration & Wellness unveils Nashville location amid plans for 97 new franchise spas this year
Nutrient vitamin IV therapy franchise, Prime IV Hydration & Wellness, is accelerating its expansion across the US, having recently launched its third location in Nashville's Green Hills area.
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17-17 Jul 2024

UK Spa Association - Summer networking event

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Les Nouvelles Esthetiques Spa Conference 2024

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Uniting the world of spa & wellness
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News   Products   Magazine   Subscribe
NEWS
Marriott and Starwood set to merge after green light from shareholders
POSTED 08 Apr 2016 . BY Jak Phillips
Marriott president and CEO Arne Sorenson said the companies are 'committed to a timely and smooth transition'
The on-again off-again merger of Starwood Hotels & Resorts and Marriott International looks set to go ahead after shareholders of both companies voted en masse for the proposed deal.

Marriott's cash-and-stock acquisition of Starwood, valued at US$12.41bn as of Thursday (7 April), will create the world’s largest hotel company. Holders of more than 97 per cent of Marriott shares and 95 per cent of Starwood shares voted in favour of the transaction at separate meetings today (8 April).

Starwood CEO Thomas B. Mangas described the vote as "significant step toward closing” the deal, which was almost derailed by a late rival bid. A consortium led by Anbang Insurance Group pledged a higher price for Starwood and only withdrew its proposal to acquire Starwood last week, paving the way for the Marriott/Starwood merger to move ahead. Anbang dropped its offer “as a result of market considerations” and did not intend to make another proposal, Starwood said in a statement.

Commenting on the backing of the deal from shareholders, Arne Sorenson, Marriott’s president and CEO, said: “With today’s successful stockholder approval milestone, we are that 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.”

As previously announced, the parties have cleared the pre-merger antitrust review in the United States and Canada and multiple other jurisdictions. The transaction remains on track to close in mid-2016 pending completion of Starwood’s planned sale of its timeshare business later this month, obtaining remaining regulatory approvals, including in the European Union and China, and the satisfaction of other customary closing conditions.
RELATED STORIES
Anbang withdraws offer to buy Starwood


The consortium lead by Anbang Insurance Group has withdrawn its proposal to acquire Starwood, paving the way for the Marriott/Starwood merger to move ahead. Anbang dropped its offer 'as a result of market considerations' and does not intend to make another proposal, Starwood said in a statement.
Breaking: Starwood-Marriott merger back on again after Marriott ups its offer


The Starwood-Marriott merger is back on again after a rival offer last week led by Chinese insurance company Anbang tried to thwart the deal.
MORE NEWS
Rugby legend Jonny Wilkinson joins the speaker lineup at the HCM Summit to share insights into his journey to health and wellbeing
Rugby legend, Jonny Wilkinson has been announced as a keynote speakers for the HCM Summit on 24 October in London.
Woodland Spa to double footprint with £16m revamp, set to complete in August
The Woodland Spa, a premier UK day spa located in Burnley, Lancashire, is set to unveil the results of its £16 million (US$20.5 million, €18.9 million) transformation this August.
Therme creating ‘natural-healing urban oasis’ in South Korea, eyes further locations in Asia and US
Global wellbeing organisation Therme Group is on a mission to make wellness accessible to all and is expanding globally, bringing its social spas to the US, Canada, the UK and now South Korea.
Prime IV Hydration & Wellness unveils Nashville location amid plans for 97 new franchise spas this year
Nutrient vitamin IV therapy franchise, Prime IV Hydration & Wellness, is accelerating its expansion across the US, having recently launched its third location in Nashville's Green Hills area.
Third Space is on a roll with the second of three 2024 club launches
Third Space is celebrating the launch of its 11th club in London at the historic Battersea Power Station development.
SwellSpa taps AI to deliver nature-based sound therapy for spa treatment rooms
Sound wellness company Swell has launched AI-generated music solutions for spas and hotels, scientifically proven to improve wellbeing.
+ More news   
 
FEATURED SUPPLIERS

Elevate your offering with the new MSpa Duet
As a globally recognised provider of luxury spa solutions, MSpa is dedicated to bringing high-end spa experiences into more spa and wellness businesses and homes. [more...]

Snow’s holistic cool-down: Embracing inclusivity in post-sauna rituals
In the world of wellness, the age-old tradition of sauna bathing is synonymous with relaxation, detoxification and rejuvenation. But, a crucial and sometimes overlooked part of the journey is the all-important cooldown. [more...]
+ More featured suppliers  
COMPANY PROFILES
Living Earth Crafts

For over 50 years, LEC has been manufacturing award-winning spa equipment for the world’s finest spas [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

DIRECTORY
+ More directory  
DIARY

 

17-17 Jul 2024

UK Spa Association - Summer networking event

Pennyhill Park , Bagshot, United Kingdom
28-29 Jul 2024

Les Nouvelles Esthetiques Spa Conference 2024

Southern Sun Rosebank, Johannesburg, South Africa
+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2024

ABOUT LEISURE MEDIA
LEISURE MEDIA MAGAZINES
LEISURE MEDIA HANDBOOKS
LEISURE MEDIA WEBSITES
LEISURE MEDIA PRODUCT SEARCH
PRINT SUBSCRIPTIONS
FREE DIGITAL SUBSCRIPTIONS