ETW Staff – Mumbai
Stockholders of both Marriott and Starwood Hotels & Resorts have approved proposals relating to Marriott’s acquisition of Starwood, which will create the world’s largest hotel company. Holders of over 97 per cent of Marriott shares present and voting at the meeting, representing over 79 per cent of outstanding shares, voted in favour of a proposal to issue shares of Marriott common stock in connection with the transaction, and holders of over 95 per cent of Starwood shares present and voting at the meeting, representing over 63 per cent of outstanding shares, voted in favour of a proposal to approve the transaction. Arne Sorenson, president and CEO, Marriott, said, “With this successful stockholder approval milestone, we are 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. ”
At closing, Starwood stockholders will receive 0.8 shares of Marriott common stock plus US$ 21 in cash for each share of Starwood common stock.