Investors approve Marriott’s $12.4bn Starwood takeover

Bloomberg

Marriott International Inc.’s $12.4 billion acquisition of Starwood Hotels & Resorts Inc. was approved by shareholders of both companies, cementing a deal to create the world’s largest hotel operator following a tumultuous bidding war. Holders of more than 97 percent of Marriott shares voting at a company meeting, representing more than 79 percent of outstanding shares, voted in favor of the deal, as did more than 95 percent of Starwood shareholders representing more than 63 percent of outstanding shares, the companies said in a joint statement. Marriott offered 0.8 share and $21 in cash for each Starwood share, a deal valued at $73.42 a share.
“Our teams continue to plan the integration of our two companies, and we are committed to a timely and smooth transition” Marriott CEO Arne Sorenson said.
The hospitality business is consolidating as the growth of online booking services and upstarts such as Airbnb Inc. push hotel companies to cut costs and appeal to a broader array of travelers. Marriott’s purchase of Starwood is the largest takeover of a hotel company since Blackstone Group LP acquired the company now known as Hilton Worldwide Holdings Inc. for $26 billion in 2007. The combined entity will surpass Hilton to become the biggest hotel operator globally, controlling 1.1 million rooms across 5,700 properties.