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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The consortium lead by Anbang Insurance Group has withdrawn its proposal to acquire Starwood, paving the way for the Marriott/Starwood merger to move ahead.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.
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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
Roman bathing and ancient mythology inspire design for Six Senses Rome spa, opening 2023
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Marc Cohen named Peninsula Hot Springs medical director
Integrative medicine expert, professor Marc Cohen has been appointed as the medical director of Australian hot springs operator Peninsula Hot Springs (PHS), based in Victoria.
Vinotherapy, wellness butlers and wine tasting collide as SB Winemaker’s House & Spa Suites launches in Argentina
Argentina’s first female winemaker Susana Balbo has opened her flagship hotel in the Mendoza wine region, called SB Winemaker’s House & Spa Suites.
Energy bills to be halved by UK government relief scheme
The UK government has announced it will cut energy bills by at least half for businesses – including spas, salons and gyms – as well as charities and public sector organisations starting from 1 October 2022.
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Esthetica’s Shirodhara Massage Bed honours Ayurveda’s ancient traditions
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How to maximise your spa’s potential with a halotherapy room
Optimising how you use your spa space is the best way to maximise revenue. But, how can you transform an underutilised space into a money maker that delivers the benefits your guests are seeking? [more...]
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Crown Sports Lockers

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CATALOGUE GALLERY
+ More catalogues  

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Art of Cryo cryo chamber manufacturer | test and research center in Cologne
Here you see a tour of the Art of Cryo test and research center in Cologne. Find out more...
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25-26 Sep 2022

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+ More diary  
 


ADVERTISE . CONTACT US

Leisure Media
Tel: +44 (0)1462 431385

©Cybertrek 2022

ABOUT LEISURE MEDIA
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