China: Marriott – Starwood merger gains final approval

Marriott International, Inc.and Starwood Hotels & Resorts Worldwide, Inc. have announced their merger transaction received approval from the Chinese Ministry of Commerce on September 20.  With the merger’s final approval granted, 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.  at the merger’s closing, Marriott will solidify its status as the world’s largest hotel company.

As the merger closes, Starwood said that it expects its shares to cease trading on the New York Stock Exchange before market open on September 23, 2016.   As the companies have previously announced, Starwood shareholders will receive $21.00 in cash and 0.80 shares of Marriott Class A common stock for each share of Starwood common stock.

If all closing procedures go as planned, former Starwood shareholders will be entitled to receive Marriott’s quarterly cash dividend of 30 cents per share of Marriott common stock.

Full Content: PR Newswire

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.