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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The consortium lead by Anbang Insurance Group has withdrawn its proposal to acquire Starwood, paving the way for the Marriott/Starwood merger to move ahead.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.
MORE NEWS
Circadian Trust invests in wellness to support its NHS partnerships
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US named world’s largest wellness economy, reaching US$1.8 trillion valuation
The Global Wellness Institute (GWI) has released new data on the US’ wellness economy, valuing it at US$1.8 trillion.
Galgorm Resort gears up to host UK Aufguss Championships next week
UK sauna enthusiasts will converge at Galgorm Resort in Northern Ireland next week for the highly anticipated second annual UK Aufguss Championships.
Remedy Place to launch two new social wellness clubs annually as part of rollout strategy
Remedy Place, a US-based social wellness club brand, is poised for steady expansion in the coming years, with plans to open two new clubs annually moving forward.
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Uniting the world of spa & wellness
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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
Circadian Trust invests in wellness to support its NHS partnerships
Operator Circadian Trust has launched a five-year growth drive designed to support health and wellbeing across South Gloucestershire, UK. The initiative will see a £2.4m investment in its five Active Lifestyle Centres.
US named world’s largest wellness economy, reaching US$1.8 trillion valuation
The Global Wellness Institute (GWI) has released new data on the US’ wellness economy, valuing it at US$1.8 trillion.
Galgorm Resort gears up to host UK Aufguss Championships next week
UK sauna enthusiasts will converge at Galgorm Resort in Northern Ireland next week for the highly anticipated second annual UK Aufguss Championships.
Remedy Place to launch two new social wellness clubs annually as part of rollout strategy
Remedy Place, a US-based social wellness club brand, is poised for steady expansion in the coming years, with plans to open two new clubs annually moving forward.
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FEATURED SUPPLIERS

How technology can help drive growth for your spa business
It's safe to say that technology is transforming every sector, and the spa, wellness and beauty industries are no exception. [more...]

Discover Comfort Zone’s Stand For Regeneration campaign
Comfort Zone's latest initiative, the Stand for Regeneration campaign, consolidates its position as a pioneer in the cosmetics business. [more...]
+ More featured suppliers  
COMPANY PROFILES
Immunocologie® Skincare

As a cancer survivor, I started Immunocologie to promote skin health, and to do that, I made sure ev [more...]
+ More profiles  
CATALOGUE GALLERY
+ More catalogues  

DIRECTORY
+ More directory  
DIARY

 

22-24 Apr 2024

UK Aufguss Championships

Galgorm Resort, York,
23-25 Apr 2024

ISPA Conference 2024

Phoenix Convention Center, Phoenix, United States
+ More diary  
 


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Tel: +44 (0)1462 431385

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