The estimated time for closure for this merger is mid-2016.
With the shareholders of Marriott International Inc. and Starwood Hotels & Resorts Worldwide Inc. approving their merger, has resulted in the combined entity becoming the biggest hotel company in the world.
Stakeholders who hold more than 97% of Marriott shares and 95% of Starwood shares voted in favour of this cash-and-stock deal, which as of Thursday, was valued at $12.41 billion.
For its acquisition, Marriott had raised its offer price to $21 per share, up by $2 a share, resulting in the total value of its bid to be $73.42 per share as of Thursday.
As per Marriott, the estimated time for closure of this merger is mid-2016.
“Our teams continue to plan the integration of our two companies,” said Arne Sorenson, Marriott’s CEO.
So far, this merger has cleared the hurdles of premerger antitrust review in Canada and in the United States and is awaiting for approvals from antitrust authorities from China and the European Union.
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