Mon, Jun. 27, 9:10 AM
- The European Commission has cleared the acquisition of Starwood Hotels & Resorts (NYSE:HOT) by Marriott (NASDAQ:MAR), determining that the takeover would not adversely affect competition in Europe.
- The EC, the European Union's antitrust agency, says it focused its probe in the cities of Barcelona, Milan, Venice, Vienna and Warsaw, where both companies have a strong market presence but found the merged company would still face sufficient competition from chain and independent hotels there.
Fri, Apr. 8, 11:36 AM
- Shareholders at Marriott International (MAR +0.9%) and Starwood Hotels & Resorts (HOT +0.7%) officially approve the merger of the two hotel companies.
- 97% of Marriot shareholders that voted gave the thumbs-up, while the percentage for Starwood voters was 95%.
- The deal has cleared some antitrust hurdles to keep it on track for a mid-2016 closing.
- Now read Starwood Hotels & Resorts and Marriott investor meeting transcript
Fri, Apr. 1, 2:08 AM
- Anbang Insurance Group has walked away from its planned offer for Starwood Hotels (NYSE:HOT), after teaming up with private equity firms Primavera Capital and J.C. Flowers for a $14B deal.
- The reason? According to Reuters, the Chinese insurer's consortium was not interested in a protracted bidding war.
- The surprise move clears the way for rival suitor Marriott (NASDAQ:MAR) to buy the Sheraton and Westin hotels operator.
- Previously: WSJ: Anbang to back way from Starwood bid (Mar. 31 2016)
Mon, Mar. 28, 9:30 AM
- Starwood Hotels & Resorts (NYSE:HOT) says a new offer from a consortium led by Anbang came in at $82.75 per share. If the consideration for Interval Leisure Group (NASDAQ:IILG) is factored in, the offer has a combined value of $88.66.
- The company says the new bid is "reasonably likely" to qualify as a superior proposal, although Marriott International (NASDAQ:MAR) can still come in with another offer. The Starwood board is on record as preferring the Marriott offer.
- HOT +2.42% premarket to $84.10.
Mon, Mar. 21, 7:11 AM
- Starwood Hotels & Resorts (NYSE:HOT) and Marriott International (NASDAQ:MAR) sign a revised merger agreement.
- The new terms call for Starwood shareholders to receive $21.00 in cash and 0.80 shares of Marriott International per share held.
- The combination of the two hotel operators is expected to generate general & administrative run-rate synergies of $250M.
Fri, Mar. 18, 9:27 AM
- Marriott International (NASDAQ:MAR) issues a statement following the announcement of Starwood Hotel & Resorts (NYSE:HOT) acceptance of an offer from an Anbang consortium.
- The company notes it still has until March 28 to bring in a new offer and has a tidy termination fee of $400M fee waiting for it if a new deal isn't struck. The tone from Marriott is that the chase is decidedly still on.
- The quick analysis from several hotel sector analysts is that a Marriott-Starwood deal is ultimately more likely than an Anbang-Starwood combination.
- M +1.32% to $72.25. HOT +5.04% to $80.24. Shares of Hyatt Hotels (NYSE:H) and InterContinental Hotels Group (NYSE:IHG) are on watch due to their trend of extra volatility on sector M&A developments.
- Previously: Marriott loses Starwood (for now) (Mar. 18 2016)
Fri, Mar. 18, 8:58 AM
- Starwood Hotel (NYSE:HOT) has agreed to sell itself to a consortium led by China's Anbang Insurance and J.C. Flowers for $78 per share in cash, which is $2 per share higher than the group initially offered on March 10.
- Starwood is giving Marriott (NASDAQ:MAR) until March 28 to submit a counterproposal. The current value of Marriot's bid is $71 per share (in stock, cash, and spin-off).
- Source: Press Release
- HOT +4.45% to $79.76 premarket. MAR +1%.
- Previously: Starwood higher after receiving new offer (March 14)
Mon, Mar. 14, 7:09 AM
- Marriott International (NASDAQ:MAR) announces it is still on track to merge with Starwood Hotels & Resorts (NYSE:HOT), even with a consortium led by Anbang Insurance Group on the hunt for Starwood.
- In a separate announcement, Starwood says its board of directors hasn't changed its support of the combination of the hotel giants.
- Shareholders of Marriott and Starwood vote on the issue on March 28.
- Previously: Report: Anbang to buy Strategic Hotels for $6.5B (Mar. 13 2016)
- HOT +6.60% premarket to $75.75 after receiving the competing offer at $76.
Wed, Feb. 17, 6:37 PM
- Marriott (MAR +2.5%) and Starwood (HOT +2.7%) have set shareholder meetings to approve the transactions related to Marriott's $12.2B buyout bid.
- The two companies will meet separately on March 28 at 10 a.m. ET to consider the deal. A joint proxy statement will be mailed out starting Friday.
- A number of approvals (and Starwood's divestiture of its vacation ownership business) lie ahead for the transaction, which they expect to close in mid-2016.
- Marriott will hold off buybacks from today until the vote to comply with securities laws.
- The two agreed on a $12.2B deal in November to create the world's largest hotel company.
- After hours: MAR -2.5%; HOT +0.2%.
Nov. 16, 2015, 6:19 AM
- Marriott International (NASDAQ:MAR) has agreed to acquire Starwood Hotels & Resorts Worldwide (NYSE:HOT) in a deal valued at about $12.2B, creating the world's largest hotel company.
- Under the terms of the deal, Starwood shareholders will receive 0.92 shares of Marriott Class A common stock and $2 in cash for each share of Starwood common stock.
- Combined, the companies operate more than 5,500 hotels with 1.1M rooms worldwide, with pro forma fee revenue for the 12 months ended September 30, 2015 totaling over $2.7B.
- MAR +0.4%; HOT -0.9% premarket
Aug. 14, 2013, 3:27 PM
Feb. 18, 2013, 4:38 AM
May 31, 2012, 8:58 AM
Marriott International, Inc. engages in the operation and franchises of hotels, corporate housing properties, and timeshare properties under numerous brand names. It operates through the following business segments: North American Full-Service, North American Limited-Service, and International.... More
Country: United States