Marriott and Starwood Hotels & Resorts Worldwide Inc Shareholders Approve to $14.41 Sales Deal
The drama over a bidding war for Starwood Hotels & Resorts Worldwide Inc seems to be over finally.
On Friday, shareholders of both Marriott and Starwood Hotels & Resorts Worldwide Inc. agreed to the $14.41 billion sale deal. That clears Marriott International's hurdle on its journey buy Starwood, one of its biggest rivals and become the biggest hotel chain in the world.
The shareholders vote brings an end to a chaotic month where Marriott saw a last-minute competitor China's Anbang Insurance Group bid from Starwood.
Anbang aggressively pursued Starwood for a while then unexpectedly last week withdrew its bid and that cleared the way for Marriott once more. The deal which has been approved by U. S. anti-trust regulators is expected to close sometimes by mid of this year. It still requires approval from authorities in the EU and China.
When the deal closes, Starwood stockholders will get 0.8 shares of Marriott's common stock in addition to cash $21 for a share of Starwood's common stock.
Last year, Starwood, which is the owner of Sheraton, Westin and St. Regis brands, was in the market for sale. It has suffered years of slow grow in the highly competitive market, mainly in the limited service hotels or smaller properties that do not have meeting places or restaurants.
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