Marriott International Inc and Starwood Hotels & Resorts Worldwide Inc, received approval from the Chinese Ministry of Commerce, its last regulatory approval required to complete the merger. Marriott and Starwood can now close the transaction and expect it to be completed before the market opens 23 September 2016, pending satisfaction of customary closing requirements.
Starwood expects its shares will cease trading on the New York Stock Exchange before market open on 23 September 2016. Starwood shareholders have been notified that they will receive US$21 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.
If the transaction closes as expected, former Starwood shareholders will be entitled to receive Marriott’s quarterly cash dividend of US$0.30 of Marriott common stock as declared on 13 September 2016.
