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Marriott and Starwood set to merge after green light from shareholders
By Jak Phillips 08 Apr 2016
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.


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TechnoAlpin S.p.A.
TechnoAlpin S.p.A.
TechnoAlpin S.p.A.
TechnoAlpin S.p.A.
Jobs    News   Products   Magazine
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.
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Treatwell beauty and wellness appointments now bookable on Apple Maps
Online beauty and wellness booking company Treatwell has recently partnered with Apple Maps to allow its users to easily book appointments directly within the mobile app.
Brain upgrade app launches to reduce Alzheimer’s risk
The Food for the Brain Foundation has released a new app, Cognition, which it claims can help people cut their risk of Alzheimer’s by half.
Kerzner’s fitness-centric hotel brand Siro to debut inside towering Dubai development
Resort developer and operator Kerzner International has announced its new wellbeing- and fitness-centric hospitality brand Siro is launching in Dubai in Q4 of 2023.
Arch Amenities Group announces acquisition of Hutchinson Consulting
Hutchinson Consulting has been acquired by Arch Amenities Group (AAG), a global provider of hospitality management and consulting services for commercial and residential properties, hotels, spas, private clubs and recreational spaces.
Sony unlocks the metaverse with the launch of Mocopi sensors for avatar creation
Sony has announced that it will be releasing a motion-tracking product called Mocopi in January that looks set to accelerate the services fitness and wellness and also entertainment and attractions companies can provide in the metaverse.
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19-22 Jan 2023

Les Thermalies, the water & well-being exhibition

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