Marriott (MAR), Starwood (HOT) Deal Approved in China
- Wall Street falls sharply on worries about banks
- Some Deutsche Bank (DB) Clients Said to Reduce Collateral on Trades
- Qualcomm (QCOM) in Talks to Acquire NXP Semiconductors (NXPI) - DJ
- Costco Wholesale (COST) Tops Q4 EPS by 4c; Comps Rose 3%
- After Near-Term Outperformance, Barclays Sees Apple (AAPL) Shares Flat from Here
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Marriott International, Inc. (Nasdaq: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced their merger transaction has received approval from the Chinese Ministry of Commerce (MOFCOM). As this was the last regulatory approval required to complete the merger, Marriott and Starwood are now able to proceed with closing the transaction and expect the transaction to be completed before the market opens on September 23, pending satisfaction of customary closing requirements. Upon closing, Marriott will solidify its status as the world's largest hotel company.
In conjunction with the merger closing, Starwood expects its shares will cease trading on the New York Stock Exchange before market open on September 23, 2016. As previously announced, Starwood shareholders will receive $21.00 in cash and 0.80 shares of Marriott International, Inc. Class A common stock for each share of Starwood Hotels & Resorts Worldwide, Inc. common stock.
Assuming that the transaction closes as expected, former Starwood shareholders will be entitled to receive Marriott's quarterly cash dividend of 30 cents ($0.30) per share of Marriott common stock that Marriott's Board of Directors declared on September 13, 2016 and which is payable to all Marriott shareholders of record at the close of business on September 23, 2016. In that case, Starwood's former public shareholders will not receive the dividend declared by Starwood's Board of Directors on September 13, 2016. The dividend to Marriott shareholders, including the former Starwood shareholders, will be paid on September 30, 2016.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Enbridge (ENB) to Sell South Prairie Region Assets in CAD$1.08B Deal
- Alcoa (AA) Approves Quarterly Dividends
- NXP Semi (NXPI) 'Will Not Comment' on Qualcomm (QCOM) Speculation
Create E-mail Alert Related CategoriesCorporate News, Dividends, Mergers and Acquisitions
Related EntitiesTwitter, Dividend, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!