Shareholders of MarriottInternational Inc. and StarwoodHotels & Resorts Worldwide Inc. voted April 8 to approve the proposedmerger of the companies.
Holders of more than 97% of Marriott shares present and votingat the meeting, representing more than 79% of outstanding shares, voted in favorof a proposal to issue shares of Marriott common stock in connection with the transaction.Holders of more than 95% of Starwood shares present and voting at the meeting,representing more than 63% of outstanding shares, voted in favor of a proposal toapprove the transaction.
At closing, Starwood stockholders will receive 0.8 shareof Marriott common stock plus $21.00 in cash for each share of Starwoodcommon stock.
Closing of the merger is expected in mid-2016, pending completionof Starwood's planned divestiture of its timeshare business, expected on oraround April 30; obtaining remaining regulatory approvals, including in the EuropeanUnion and China; and the satisfaction of other customary closingconditions. The parties have cleared the premerger antitrust review in the UnitedStates and Canada and multiple other jurisdictions.