Marriott, Starwood set date for deal votes
17 FEBRUARY 2016 7:29 PM
Marriott International and Starwood Hotels & Resorts Worldwide set 28 March 2016 as the date for shareholders to vote on Marriott's proposed aquisition of Starwood.
Bethesda, Maryland and Stamford, Connecticut, February 17, 2016 – Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that their separate stockholder meetings to approve the previously announced combination transactions have been scheduled for 10:00 a.m. Eastern Time (ET) on March 28, 2016, with the mailing of their joint proxy statement expected to begin on or about February 19, 2016 to stockholders of record as of February 2, 2016, the record date for the meetings.
The Marriott stockholder meeting will be held at its corporate headquarters at 10400 Fernwood Road, Bethesda, Maryland. The Starwood stockholder meeting will be held at the Sheraton Stamford Hotel, 700 East Main Street, Stamford, Connecticut.
Marriott and Starwood are continuing to cooperate with competition authorities in the United States and a number of other jurisdictions worldwide as they seek regulatory approvals for the transaction. The companies expect to close the transaction in mid-2016, subject to receipt of regulatory approvals, Starwood’s divestiture of its vacation ownership business, and satisfaction of other customary conditions precedent.
Securities laws and other legal considerations will prevent Marriott from repurchasing any shares from today until Marriott’s and Starwood’s stockholders have voted on the proposed merger.