Nov 16, 2015, 4:19 am
Last edit by: Schutzee
November 16, 2015
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
November 16, 2015
March 01, 2016
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
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.
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
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
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
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
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
http://investor.shareholder.com/MAR/...leaseID=958056
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
Starwood: "Marriott and Starwood stockholders approve merger"
Nov 16, 2015, 5:52 am
#61
Join Date: Jan 2009
Location: TUL
Programs: AA EXP 2MM; Marriott Titanium; Hilton Diamond; Hyatt Explorist; Vistana 5* Elite; Nat'l Exec Elite
Posts: 6,177
The quote says "programs" as in plural. I'm not saying that is what will happen but the link does not prove your point.
Nov 16, 2015, 5:52 am
#62
Join Date: Jun 2015
Location: New York
Programs: AA, CX, Hyatt, Marriott
Posts: 1,484
Ewwwww As a Platinum of both programs I really feel underwhelmed.
Only thing that excites me is that SPG could finally dump AMEX and use Chase now. (Raising $30 AF for FX fees and claimed it as an enhancement? Sorry you should look at hotel credit cards Chase offers first)
Only thing that excites me is that SPG could finally dump AMEX and use Chase now. (Raising $30 AF for FX fees and claimed it as an enhancement? Sorry you should look at hotel credit cards Chase offers first)
Nov 16, 2015, 5:57 am
#63
Join Date: Dec 2004
Posts: 7,903
They're attempting this in an election year. This is bad for consumers. Contact your reps and the DOJ. That's really our only defense other than getting the media on board somehow. <Paging Gary Leff>
Nov 16, 2015, 5:57 am
#64
Join Date: Jul 2001
Programs: Marriott LT Tit; Hyatt Explorist; Hilton CC Gold; IHG CC Plt; Hertz (MR) 5 star
Posts: 5,536
Thanks for the correction; I'm used to the 8 AM premarket (I'm old). Must have changed and I didn't notice - premarket doesn't mean much to me, as prices can be pretty far out of whack due to wide bid/ask spreads. In HOT's case, the bid/ask spread's pretty tight right now but my Level 2's not showing many shares being offered or bid on.
Nov 16, 2015, 5:59 am
#65
Join Date: Jun 2015
Location: New York
Programs: AA, CX, Hyatt, Marriott
Posts: 1,484
They need to worry about DOJ and their financials first, just like AA-US; Once the green light is on, then integration (system, staffing, brands), which includes royalty program merger/separation.
Nov 16, 2015, 5:59 am
#66
Join Date: Jan 2008
Location: Wash, DC
Programs: SPG Platinum, Delta Gold Medallion, United/Star Alliance Gold, Marriott Gold
Posts: 161
I agree pre-market doesn't mean much on, say, earnings news. But to me this is straight math. Despite wire agencies saying this deal is worth $79+ a share, that's a phony number from what I can tell.
Nov 16, 2015, 6:00 am
#67
Suspended
Join Date: Oct 2003
Location: New York, NY
Programs: Delta - Gold; Starwood - Platinum; HHonors - Diamond & Avis Preferred
Posts: 10,869
I sincerely hope that our LURKERS, especially William, will remain in place.
They are an extremely valuable asset!
Screw the merger, I'm concerned about them on a personal level.
They are an extremely valuable asset!
Screw the merger, I'm concerned about them on a personal level.
Nov 16, 2015, 6:00 am
#68
Join Date: Oct 2015
Posts: 31
Starwood Amex - Time to cancel w/ merger?
I kept the Starwood Amex around do to Starpoints having some value and needing to requalify for Plat status (since only L/T Gold w/ Starwood)
I am L/T Plat w/ Marriott and have all their cards. Since the programs are combining, what value does having the Starwood Amex card have? It seems very little..
Cons:
-High annual fee
-Can get those points via my other cards
-No longer need extra nights credit..
Pros:
???
I am L/T Plat w/ Marriott and have all their cards. Since the programs are combining, what value does having the Starwood Amex card have? It seems very little..
Cons:
-High annual fee
-Can get those points via my other cards
-No longer need extra nights credit..
Pros:
???
Nov 16, 2015, 6:01 am
#69
FlyerTalk Evangelist
Join Date: Jun 2001
Programs: DL 1 million, AA 1 mil, HH lapsed Diamond, Marriott Plat
Posts: 28,190
By the metrics used by the Department of Justice in horizontal mergers this doesn't move the needle a bit. The U.S. lodging industry isn't very concentrated: there are lots of brands, many property owners, and (still) many management companies. The combination of Marriott + Starwood doesn't materially change any of that.
Nov 16, 2015, 6:03 am
#70
Join Date: Dec 2004
Posts: 7,903
By the metrics used by the Department of Justice in horizontal mergers this doesn't move the needle a bit. The U.S. lodging industry isn't very concentrated: there are lots of brands, many property owners, and (still) many management companies. The combination of Marriott + Starwood doesn't materially change any of that.
Nov 16, 2015, 6:05 am
#71
Join Date: Jul 2001
Programs: Marriott LT Tit; Hyatt Explorist; Hilton CC Gold; IHG CC Plt; Hertz (MR) 5 star
Posts: 5,536
I agree pre-market doesn't mean much on, say, earnings news. But to me this is straight math. Despite wire agencies saying this deal is worth $79+ a share, that's a phony number from what I can tell. The deal is 0.92 shares of Marriott plus $2 and I'm betting it'll track it pretty closely...
Based on Paasschen being pushed out a few months ago, I'd expect this to be accepted by the large SPG shareholders. MAR's board should be able to sell it to MAR shareholders.
I'm definitely not going to trade either stock here.
Nov 16, 2015, 6:05 am
#72
Suspended
Join Date: Nov 2004
Location: London
Programs: BA GGL, AA 1MM LT GLD, SPG PLAT, National Exec Selc, Hilton Diamond, Hyatt Plat, Marriott Silver
Posts: 8,278
I kept the Starwood Amex around do to Starpoints having some value and needing to requalify for Plat status (since only L/T Gold w/ Starwood)
I am L/T Plat w/ Marriott and have all their cards. Since the programs are combining, what value does having the Starwood Amex card have? It seems very little..
Cons:
-High annual fee
-Can get those points via my other cards
-No longer need extra nights credit..
Pros:
???
I am L/T Plat w/ Marriott and have all their cards. Since the programs are combining, what value does having the Starwood Amex card have? It seems very little..
Cons:
-High annual fee
-Can get those points via my other cards
-No longer need extra nights credit..
Pros:
???
Nov 16, 2015, 6:06 am
#73
Join Date: Dec 2001
Location: Coconut Creek, FL
Programs: AA Lifetime Platinum-2 MM Starwood Plat,Delta DM
Posts: 975
As a SPG Plat I am worried about this program. For me and I have have been pretty strong in my opinions about the SPG program, hands down it was the best bang for the buck and flexible program that currently exists. I have gotten as much as 5-6 cents a point value in some redemptions on holiday of special dates at hotels. Five nights one free, transfers to airlines etc etc. Not that use this but even booking some tickets with the points was useful to some. I doubt changes will happen next year but if they merge the programs I expect the award charts not to be favorable. I have redeemed hundreds of free nights over the past few years. My only choice would be Hyatt which has decent coverage in major cities, but SPG has far more-especially in Europe and ASIA. Mariott redemptions points wise are so much more.
Nov 16, 2015, 6:14 am
#74
Join Date: Jun 2001
Location: Johnstown, PA
Programs: UA P, Delta SL, US SL, Hilton Diamond, Hyatt Diamond, IHG PL AMB, Marriott Plat, SPG Plat
Posts: 928
Like many here I am Platinum in both programs. I am close to Lifetime Gold at Marriott, just need more spend, have more than enough nights. If they add the SPG activity to my Marriott spend, it will push me over the top, so I won't be too upset when the programs merge. I agree that the SPG program has some better perks, and perhaps Marriott will adopt some of them. Their moves this month for award redemption adding to elite nights and C&P show that they may be willing to change.
Meanwhile, I will be using up much of my SPG points next year.
Meanwhile, I will be using up much of my SPG points next year.
Nov 16, 2015, 6:14 am
#75
Join Date: Jun 2015
Location: New York
Programs: AA, CX, Hyatt, Marriott
Posts: 1,484