Marriott’s acquisition of Starwood receives antitrust approval in China
By Tan Chee Yuen
/ Marriott International |
Marriott International and Starwood Hotels and Resorts Worldwide announced on Sept 20 that their merger transaction had been approved by the Chinese Ministry of Commerce. Since this is the last regulatory approval required to complete the merger, Marriott and Starwood can proceed to close the transaction.
The transaction is expected to be completed before the market opens on Sept 23, pending satisfaction of customary closing requirements. Thus, Starwood expects its shares to cease trading on the New York Stock Exchange before market opens on Sept 23. As previously announced, Starwood shareholders will receive US$21 in cash and 0.8 share of Marriott International Class A common stock for each share of Starwood Hotels and Resorts Worldwide common stock.
The transaction is expected to be completed before the market opens on Sept 23
Source: Bloomberg
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