Marriott reaffirms commitment to acquire Starwood
Marriott International says it has signed a deal that provides greater long-term value for Starwood stockholders
Marriott International says it has signed a deal that provides greater long-term value for Starwood stockholders.
Marriott International has reaffirmed its commitment to acquire Starwood Hotels & Resorts Worldwide, according to a company statement.
The statement added that Marriott is confident that the previously announced amended merger agreement is the best course for both companies.
The combined company will offer stockholders significant equity upside and greater long-term value driven by a larger global footprint, wider choice of brands for consumers, substantial revenue synergies, and improved economics to owners and franchisees leading to accelerated global growth and continued strong returns.
Starwood's financial advisors had previously provided the company with opinions, available to all Starwood stockholders and attached to the 8-Ks, which noted the value range for Marriott on a standalone basis, before giving effect to the merger, is between US $92.35 to $103.46 per share.
Marriott International also announced that it will adjourn to 8 April 2016 the meeting of stockholders to vote on the company's proposed acquisition of Starwood Hotels & Resorts Worldwide in a merger transaction.