Marriott's Starwood Acquisition Takes Another Step Forward
Marriott International has taken another step toward completing its acquisition of Starwood Hotels & Resorts, announcing Tuesday that it has filed a joint proxy and registration statement with the U.S. Securities and Exchange Commission (SEC).
The statement, though not yet effective, contains important information pertaining to Marriott's proposed acquisition of Starwood.
Once the SEC declares the statement effective, the finalized statement will be sent to Marriott and Starwood shareholders ahead of stockholder votes on the proposed acquisition.
Marriott has already said that it expects the transaction to close by mid-2016.
Upon completion, the transaction would create the world's largest hotel company, boasting more than 5,500 hotels and 1.1 million rooms across 31 different brands in more than 100 countries across the globe. The combined company will take the Marriott International name, with headquarters located just outside of the nation's capital in Bethesda, Maryland.
While the registration statement was being prepared, Marriott said that it was prohibited from engaging in share repurchases but will resume immediately since it's been filed.
For 2015, Marriott said it expects nearly $2.2 billion to be returned to shareholders through both share repurchases and dividends.
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