Marriott and Starwood Merger Date Announced
The Marriott International and Starwood Hotels & Resorts merger has received the green from the Chinese Ministry of Commerce, clearing its last regulatory hurdle. Both parties now expect to close the deal before the markets open on September 23, 2016 – underscoring Marriott’s status as the world’s largest hotel company.
Upon closing the deal, Starwood will cease trading on the NYSE. As announced, its shareholders will receive $21 in cash and 0.80 shares of Marriott, for each Starwood stock. They also stand to receive Marriott’s quarterly cash dividend of $0.30 per share, which was announced on September 13, 2016 – payable to all its shareholders on September 23, 2016. This negates the dividend announced for Starwood’s (former) shareholders on September 13, 2016 – who will now receive their due along with Marriott’s shareholders, on September 30, 2016.