In separate special shareholder meetings, the stockholders of Marriott International and Starwood Hotels & Resorts Worldwide have approved Marriott’s acquisition of Starwood, which will create the world’s largest hotel company. At closing Starwood stockholders will receive 0.8 shares of Marriott common stock plus $21.00 in cash for each share of Starwood common stock. The parties have cleared the pre-merger antitrust review in the United States and Canada and multiple other jurisdictions but still need approval from the European Union and China.
Arne Sorenson, Marriott’s president and chief executive officer, 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.”
