BETHESDA, Md., Sept. 20, 2016 /PRNewswire/ -- Marriott
International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts
Worldwide, Inc. (NYSE: HOT) today announced their merger
transaction has received approval from the Chinese Ministry of
Commerce (MOFCOM). As this was the last regulatory approval
required to complete the merger, Marriott and Starwood are now able
to proceed with closing the transaction and expect the transaction
to be completed before the market opens on September 23, pending satisfaction of customary
closing requirements. Upon closing, Marriott will solidify
its status as the world's largest hotel company.
In conjunction with the merger closing, Starwood expects its
shares will cease trading on the New York Stock Exchange before
market open on September 23,
2016. As previously announced, Starwood shareholders
will receive $21.00 in cash and 0.80
shares of Marriott International, Inc. Class A common stock for
each share of Starwood Hotels & Resorts Worldwide, Inc. common
stock.
Assuming that the transaction closes as expected, former
Starwood shareholders will be entitled to receive Marriott's
quarterly cash dividend of 30 cents
($0.30) per share of Marriott common
stock that Marriott's Board of Directors declared on September 13, 2016 and which is payable to all
Marriott shareholders of record at the close of business on
September 23, 2016. In that
case, Starwood's former public shareholders will not receive the
dividend declared by Starwood's Board of Directors on September 13, 2016. The dividend to Marriott
shareholders, including the former Starwood shareholders, will be
paid on September 30, 2016.
Note on forward-looking statements
The parties' plans for closing the merger transaction and
delisting Starwood Hotels & Resorts shares are "forward-looking
statements" within the meaning of U.S. federal securities laws, and
are not historical facts. We caution you that these statements are
not guarantees of future performance and are subject to numerous
risks and uncertainties, including the satisfaction of customary
closing requirements and other risk factors that we identify in
Marriott's and Starwood's most recent quarterly reports on Form
10-Q and in the joint proxy statement / prospectus on Form S-4 that
Marriott filed with the U.S. Securities and Exchange Commission on
February 16, 2016. Any of these
factors could cause actual results to differ materially from the
expectations we express or imply in this press release. We make
these forward-looking statements as of the date of this press
release. We undertake no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise.
About Marriott
Marriott International, Inc. (NASDAQ: MAR) is a
global leading lodging company based in Bethesda, Maryland, USA, with more than 4,500
properties in 88 countries and territories. Marriott
International reported revenues of more than $14 billion in fiscal year 2015. The company
operates and franchises hotels and licenses vacation ownership
resorts under 19 brands, including: The Ritz-Carlton®,
Bulgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels,
Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®,
Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord
Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®,
SpringHill Suites®, Fairfield Inn & Suites®, TownePlace
Suites®, Protea Hotels by Marriott® and
Moxy Hotels®. Marriott has been consistently
recognized as a top employer and for its superior business ethics.
The company also manages the award-winning guest loyalty program,
Marriott Rewards® and The Ritz-Carlton Rewards® program, which
together comprise more than 57 million members. For more
information or reservations, please visit our website
at www.marriott.com, and for the latest company news,
visit www.marriottnewscenter.com.
About Starwood
Starwood Hotels & Resorts Worldwide, Inc. is one of the
leading hotel and leisure companies in the world more than 1,300
properties in some 100 countries and approximately 188,000
employees at its owned and managed properties. Starwood is a fully
integrated owner, operator and franchisor of hotels, resorts and
residences under the renowned brands: St. Regis®, The Luxury
Collection®, W®, Westin®, Le Méridien®, Sheraton®,Tribute
Portfolio™, Four Points® by Sheraton, Aloft®, Element®, along with
an expanded partnership with Design Hotels™. The company also
boasts one of the industry's leading loyalty programs, Starwood
Preferred Guest (SPG®).Visit www.starwoodhotels.com for more
information and stay connected @starwoodbuzz on Twitter and
Instagram and facebook.com/Starwood.
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SOURCE Marriott International, Inc.