Offering stockholders significant equity upside and greater long-term value, Marriott International has reaffirmed its commitment to acquire Starwood Hotels & Resorts Worldwide Inc. Noting that the already announced merger deal is in the best interests of both the firms, Marriott said that it will work toward the successful integration of the two companies in anticipation of votes by each company’s stockholders on March 28, 2016.
On its part, Starwood stated that there was no change in the stand adopted by its Board of Directors in connection with the proposed merger with Marriott. The Board was studying the outcome of the talks with the consortium to work the future course of action. Earlier, both the companies had announced that they had satisfied the closing conditions pertaining to the merger.
The re-affirmations from both sides is most probably in response to a $13B takeover bid by a group of investors led by the Chinese insurance group Anbang.
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