BETHESDA, Md. and STAMFORD, Conn. — Stockholders of both Marriott International, Inc. and Starwood Hotels & Resorts Worldwide, Inc. have voted to move forward with the proposed merger of the two hotel giants.
In separate special meetings, shareholders of both companies approved Marriott’s amended merger agreement that will see Marriott purchase all outstanding shares of Starwood common stock for $21 in cash. This vote comes just one week after the Chinese consortium led by Anbang Insurance Group Co. withdrew its bid to acquire Starwood.
“With today’s successful stockholder approval milestone, we are that much closer to completing our transaction,” says Arne Sorenson, president and CEO of Marriott. “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.”
The transaction is expected to close mid-2016 pending anti-trust approvals.