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Starwood: "Marriott and Starwood stockholders approve merger"

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Old Nov 16, 2015, 4:19 am
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November 16, 2015
BETHESDA, Md. and STAMFORD, Conn., Nov. 16, 2015 /PRNewswire/ -- Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that the boards of directors of both companies have unanimously approved a definitive merger agreement under which the companies will create the world's largest hotel company. The transaction combines Starwood's leading lifestyle brands and international footprint with Marriott's strong presence in the luxury and select-service tiers, as well as the convention and resort segment, creating a more comprehensive portfolio. The merged company will offer broader choice for guests, greater opportunities for associates and should unlock additional value for Marriott and Starwood shareholders. Combined, the companies operate or franchise more than 5,500 hotels with 1.1 million rooms worldwide. The combined company's pro forma fee revenue for the 12 months ended September 30, 2015 totals over $2.7 billion.
Marriott Shareholder News Release :
http://investor.shareholder.com/mar/...leaseID=942791

Starwood Investor News Release :
https://s1.q4cdn.com/483583335/files...wood-FINAL.pdf

Marriott CEO Linkedin Post:
https://www.linkedin.com/pulse/marri...-arne-sorenson

November 16, 2015
Originally Posted by Official Starwood Announcement on the SPG website
We’re excited to share the news that Starwood Hotels & Resorts will join together with Marriott International to create the world’s largest hotel company. For our Starwood Preferred Guest® (SPG®) members, this will mean even more choices in even more places, giving you access to 1.1 million rooms across 5,500 hotels and resorts in more than 100 countries.

We will work to bring you the very best of SPG and Marriott Rewards®, two of the most rewarding loyalty programs in our industry. Our members are at the core of everything we do, and that will not change.

This is the beginning of a long journey as we combine our two companies. For now, we remain separate, and there is no change to your SPG program status, your Starpoints® or your existing reservations. You will continue to earn Starpoints and elite stay/night credit for your stays, as well as bonus Starpoints for any promotions in which you are participating. There is no change to how you manage your SPG account or book reservations.

Over the coming months, as we have more to share, we’ll be sure to reach out to you by email, at spg.com and via twitter (@spg). In the meantime, we remain at your service wherever you need us — whether in our hotels, at spg.com, on the SPG mobile app or via our Customer Contact Centers.

Thank you for sharing your travels with us.

Chris Holdren
Senior Vice President, Starwood Preferred Guest
November 16, 2015
Originally Posted by Official Starwood Announcement to FT members
Dear members,

Starwood Hotels & Resorts and Marriott International to Merge, Creating the World’s Largest Hotel Company, Best Loyalty Program

Today we’re excited to share the news that Starwood Hotels & Resorts will join together with Marriott International to create the world’s largest hotel company. For our SPG members, this will mean even more choices in even more places, giving you access to 1.1 million rooms across 5,500 hotels in more than 100 countries.

As we look to bring together the very best of Starwood Preferred Guest and Marriott Rewards, we are confident that together we will create the most rewarding loyalty program in our industry. Our members are at the core of everything we do, and that will not change.

Today is the first day of a long journey as we combine our two companies. For now, we remain separate, and there is no change to your Starwood Preferred Guest (SPG) program status, your Starpoints or your existing reservations. You will continue to earn Starpoints and elite stay/night credit for your stays, and bonus Starpoints for any promotions in which are you are participating. There is no change to how you manage your SPG account or book reservations.

Over the coming months, as we have more to share, you’ll continue to be among the first to hear by e-mail, at spg.com and via twitter (@spg). In the meantime, we remain at your service wherever you need us—whether in our hotels, at spg.com, the SPG mobile app, or via our Customer Contact Centers.

[email protected]

Thyetus Lee | Social Media Specialist
Starwood Customer Contact Centre (AP) Pte Ltd
March 01, 2016
The U.S. Department of Justice and the U.S. Federal Trade Commission will not challenge the proposed merger between Marriott International and Starwood Hotels & Resorts. The waiting period for Marriott's filing with the FTC under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the merger's first regulatory hurdle, expired on Monday, meaning the deal is cleared to proceed. The Competition Bureau of Canada also will not challenge the transaction. According to Marriott, the companies are cooperating with competition authorities in other parts of the world to obtain approval of the deal. Marriott and Starwood will hold separate stockholder meetings on March 28 to vote on the merger.
http://investor.shareholder.com/MAR/...leaseID=958056
March 14, 2016
Announcement that a consortium including the Chinese company Anbang has made an unsolicited rival bid.
http://www.cnbc.com/2016/03/14/starw...6-a-share.html

March 18, 2016
Starwood determines that the Anbang bid is 'superior' and notifies Marriott of the intention to terminate the merger agreement.
Marriott have until March 28 to make a counter-bid that is as good as or better than Anbang.
Starwood is postponing its stockholder vote, which was scheduled for Monday, March 28th, to a new date to be determined after consultation with Marriott. Starwood’s Board has not changed its recommendation in support of Starwood’s merger with Marriott.
http://www.cnbc.com/2016/03/18/starw...e-in-cash.html

March 21, 2016
Starwood and Marriott sign a revised merger agreement after Marriott submit an increased bid which values Starwood stock at $85.36. This is now the 'superior' proposal.
Under the revised merger agreement Starwood is not allowed to engage in discussions with Anbang. However, Anbang may make another unsolicited offer, up until the time of the Starwood shareholder vote, which is April 8, 2016.

March 28, 2016
Starwood Hotels & Resorts Worldwide Inc. said it received a higher takeover offer from a group led by Anbang Insurance Group Co., putting the Chinese company back into battle with Marriott International Inc. for control of the hotel operator.
Starwood said it’s in negotiations with the Anbang group after receiving a nonbinding offer of $82.75 a share in cash, or about $14 billion, according to a statement Monday. That compares with Marriott’s stock-and-cash offer valued at $75.91 a share, or about $12.8 billion, based on March 24th’s closing price. Marriott, in its own statement Monday, reaffirmed its commitment to buy Starwood, saying its proposal offers stockholders greater long-term value.
Shares of Starwood rose 2.4 percent to $84.06 at 10:29 a.m. New York time. Marriott climbed 4 percent to $71.35.
The new offer from Anbang, which is working with J.C. Flowers & Co. and Primavera Capital, shows the insurer won’t easily back down as it seeks to build its hotel holdings. The Beijing-based company last year purchased Manhattan’s landmark Waldorf Astoria for $1.95 billion, and is in a deal to acquire luxury-property owner Strategic Hotels & Resorts Inc. for about $6.5 billion. Gaining Starwood would add brands such as Sheraton, W and St. Regis, as well as about $4 billion worth of real estate.
Starwood said it received a non-binding bid of $81 a share on March 26 from the Anbang group, which increased its offer after subsequent discussions. Starwood is negotiating terms of a binding proposal and said it will “carefully consider the outcome of its discussions with the consortium” in order to determine the best course of action for shareholders.
http://www.bloomberg.com/news/articl...er-from-anbang

March 31, 2016

China’s Anbang Drops Bid for Starwood Hotels
Operator of Sheraton, other hotels seen returning to Marriott’s previous takeover offer

http://www.wsj.com/articles/chinas-a...way-1459455942
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Starwood: "Marriott and Starwood stockholders approve merger"

 
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Old Mar 28, 2016, 8:26 am
  #2986  
 
Join Date: Feb 2005
Location: Toronto (YYZ)
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YES! YES! YES! Anbang!

NO! NO! NO! Marriott!
imverge is offline  
Old Mar 28, 2016, 8:30 am
  #2987  
 
Join Date: Apr 2005
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I'm seeing RED this Monday

But that's OK … red in China is a color denoting happiness/good
fortune.

Relieved this thing looks to be finally at a conclusion.

Goodbye Marriott, Hello Anbang. Let keep Starwood/SPG intact
and thriving for all us millions of loyal guests/members. Cheers
everyone!
choco is offline  
Old Mar 28, 2016, 8:37 am
  #2988  
 
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Originally Posted by navelfluff
Anbang winning over Marriot isn't necessarily a good thing.

A very similar Chinese company to Anbang, Reignwood, bought a prize real estate jewel - Wentworth Golf Club in England. People thought it would be good, bringing additional investment to the area, but they were wrong. The company initiated to a plan to milk the club for cash, proposing to introduce a massive increase in debentures and membership fees. They only backed down recently because members and local residents threatened to blockade the course and effectively prevent a major pro tournament. Google "Reignwood Wenthworth" for the history of the affair.

What is to say Anbang won't try to maximise their return on Starwood by severely restricting the membership benefits of SPG? Just saying....

http://www.bbc.co.uk/news/uk-england-surrey-35851504
Reignwood is a Thai company run by a Thai CEO but headquartered in Beijing, China. Totally different than Anbang.
zerolife is offline  
Old Mar 28, 2016, 8:42 am
  #2989  
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MAR up nearly 4%

Marriott shareholders seem happy with today's announcement from Starwood. MAR is up nearly 4%.
controller1 is offline  
Old Mar 28, 2016, 8:43 am
  #2990  
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Originally Posted by choco
. . .

Relieved this thing looks to be finally at a conclusion.

. . .
It may be but what facts support your statement?
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Old Mar 28, 2016, 8:46 am
  #2991  
 
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Originally Posted by controller1
It may be but what facts support your statement?
This is not a thread even remotely driven by facts...

Regards
scubadu is offline  
Old Mar 28, 2016, 9:10 am
  #2992  
 
Join Date: Apr 2005
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It's all over folks

(Anbang's) Cash is King ..

.. and Marriott is being

paid off to leave the stage.

A beautiful 'win-win' .
choco is offline  
Old Mar 28, 2016, 9:11 am
  #2993  
 
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Programs: AA Lifetime Platinum-2 MM Starwood Plat,Delta DM
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Originally Posted by bocastephen
You and me both! However there is a saying...the enemy of my enemy, is my friend.
That quote I love. I am with you! Keep SPG away from Marriott. Let them buy Days INN
robertw477 is offline  
Old Mar 28, 2016, 9:16 am
  #2994  
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Originally Posted by scubadu
This is not a thread even remotely driven by facts...

Regards
Silly me!
controller1 is offline  
Old Mar 28, 2016, 9:19 am
  #2995  
 
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Hungry for US assets, China's Anbang bids $15B for Starwood

Industry analysts say this may be a fight Marriott can't win, or shouldn't, because Anbang is being driven by the desire to get its money out of China and into U.S. assets.

The newest offer is from Anbang is for $88.66 per Starwood share, or $15.03 billion. That tops the latest bid of $14.41 billion that Marriott International Inc. offered last week.

Anbang's offer includes $82.75 per share in cash, which is an increase of $4.75 per share from its previous bid. The bid also includes $5.91 in stock for a spinoff of a vacation business.

Whoever gains control of Starwood will likely be entering Cuba, as well.


Do I hear 16B? Going once, twice....
MVF Trekker is offline  
Old Mar 28, 2016, 9:26 am
  #2996  
 
Join Date: Dec 2010
Posts: 1,860
This is getting good. The real march madness.


Who knew our business was worth so much?

factory81 is offline  
Old Mar 28, 2016, 9:46 am
  #2997  
 
Join Date: Nov 2012
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Yessss! Go Anbang
DealAddict is offline  
Old Mar 28, 2016, 9:47 am
  #2998  
 
Join Date: Jan 2008
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Originally Posted by navelfluff
Anbang winning over Marriot isn't necessarily a good thing.

A very similar Chinese company to Anbang, Reignwood, bought a prize real estate jewel - Wentworth Golf Club in England. People thought it would be good, bringing additional investment to the area, but they were wrong. The company initiated to a plan to milk the club for cash, proposing to introduce a massive increase in debentures and membership fees. They only backed down recently because members and local residents threatened to blockade the course and effectively prevent a major pro tournament. Google "Reignwood Wenthworth" for the history of the affair.

What is to say Anbang won't try to maximise their return on Starwood by severely restricting the membership benefits of SPG? Just saying....

http://www.bbc.co.uk/news/uk-england-surrey-35851504
Can't be any worse that what Marriott does, since my batna is I walk and I'm fine with that. Anbang acquisition is all upside.
Boghopper is offline  
Old Mar 28, 2016, 9:50 am
  #2999  
 
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Originally Posted by JK
Quote:





Originally Posted by TMM1982


Are you a trader? You're always among the first to break the increased bids.




Would you believe I'm currently in Hamleys on Regent Street (UK) with a hoard of kids?!
I know people treasure their kids, but a hoard?
Boghopper is offline  
Old Mar 28, 2016, 10:05 am
  #3000  
JK
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Programs: BA Gold / OnBusiness, SPG Lifetime Plat 100, AmEx Centurion & BAPP, Superking Westin Heavenly Bed :)
Posts: 1,142
Originally Posted by Boghopper
I know people treasure their kids, but a hoard?
OK, 4. But that's a lot for me to cope with. Especially on what is supposed to be bank holiday! I know, I know, it's not a kids holiday. (PS, only 2 were my own).
JK is offline  


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