Shareholders Approve the Marriott/Starwood Merger
More merger news! Minutes ago, Marriott announced that both Marriott and Starwood shareholders have voted to approve the merger. So it looks like no second-second thoughts from Anbang. 97% of Marriott shareholders participated in the vote, while 95% of Starwood shareholders voted. Once the deal closes, that latter group will receive 0.8 shares of Marriott plus $21 in cash for each Starwood share.
Here's what Marriott CEO Arne Sorenson had to say about the vote:
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.
And here's Starwood CEO Tom Mangas:
Today's vote is a significant step toward closing, and we are grateful for the continued enthusiasm and support for this merger. There is no doubt that this transaction puts our company on the best path forward and we remain excited about the opportunity this combination will create for our stockholders, associates, owners and guests.
For the full process to date, check out the posts below:
May 1, 2015 — Rumors of IHG preparing a bid to acquire Starwood
October 28, 2015 — Starwood CEO Adam Aron mentions the possibility of a sale during an earnings call
November 16, 2015 — Marriott announces its intention to acquire Starwood
November 20, 2015 — Marriott CEO Arne Sorenson addresses questions about Marriott and SPG
January 22, 2016 — TPG chatted SPG with Marriott's Vice President of Loyalty
February 24, 2016 — TPG shares plans to attend a Marriott loyalty forum in Los Angeles
March 14, 2016 — Starwood and Marriott acknowledge Anbang's bid
March 18, 2016 — Starwood accepts Anbang's bid
March 18, 2016 — Starwood CEO Tom Mangas addresses the latest acquisition news
March 21, 2016 — Marriott Outbids Anbang with Latest Offer for Starwood
March 22, 2016 — Here's What Marriott Plans to Do with Starwood Preferred Guest
March 28, 2016 — Anbang Submits a New Bid for Starwood Hotels
March 28, 2016 — Marriott Isn't Submitting a Higher Bid for Starwood Hotels
March 31, 2016 — Anbang Won't Be Acquiring Starwood After All
Marriott is still targeting a mid-2016 merger date, pending government approval.
How do you feel about this latest merger news?
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