Skip to main content

Statement by Marriott International, Inc. Regarding Proposed Starwood Merger Acquisition

Marriott International, Inc. (NASDAQ: MAR) has been informed by Starwood Hotels and Resorts Worldwide (NYSE: HOT), and Starwood has announced publicly, that the Starwood Board of Directors has determined that it considers an Anbang consortium proposal to acquire Starwood to be a 'Superior Proposal' to Marriott's existing merger agreement with Starwood.


Starwood has further informed Marriott that it intends to terminate the merger agreement with Marriott unless Marriott and Starwood agree on revisions to their merger agreement that Starwood's board of directors determines to be superior to the Anbang proposal. Under the terms of Marriott's merger agreement with Starwood, Marriott has the right to propose revised terms and Starwood must negotiate in good faith with Marriott to discuss any such proposed revised terms, for a period of five business days ending on Monday, March 28 at 11:59 p.m. ET.

If Starwood terminates the Marriott merger agreement in order to accept the consortium proposal, Starwood must pay Marriott a termination fee of $400 million in cash. Marriott continues to believe that a combination of Marriott and Starwood is the best course for both companies and offers the best value to Starwood shareholders. Marriott is in the process of reviewing the Anbang consortium's proposal and is carefully considering its alternatives. The company is considering postponing its Special Meeting of Stockholders which is currently scheduled for March 28, 2016. Marriott has no further public comment at this time.

Popular posts from this blog

The World’s Biggest Hotel With 10,000 Rooms To Open In Saudi Arabia

Saudi Arabia is all set to built the world’s biggest hotel by 2017. Abraj Kudai hotel is planned to be located at the Manafia area in Makkah’s central zone, only 2.2 km south of the Holy Haram in Makkah, Kingdom of Saudi Arabia

EXCLUSIVE INTERVIEW | Manish Dayya, Area General Manager – Accor Hotel’s – Lavasa Hotels & Convention Centre

Classic Hospitality Training Institute

The first batch of Pradhan Mantri Kaushal Vikas Yojna(PMKVY) was launched by Classic Hospitality Training Institute in colaboration with National Skill Development Corporation to impart vocational training and skills to unemployed youth across the State.