Looks like September 23rd is the date! Last November, it was announced that Marriott would buy Starwood, the post: Goodbye Starwood Preferred Guest? I Will Miss You! Since then there has been some drama, back and forth and most of all speculation about what the combined loyalty program could look like once the merger is finished. For example, how will SPG points convert to the larger Marriott Rewards program? 2 to 1? 1 to 1?
Marriott and Starwood To Become Combined Company September 23
Via Marriott News,
Marriott International, Inc. (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced their merger transaction has received approval from the Chinese Ministry of Commerce (MOFCOM). As this was the last regulatory approval required to complete the merger, Marriott and Starwood are now able to proceed with closing the transaction and expect the transaction to be completed before the market opens on September 23, pending satisfaction of customary closing requirements. Upon closing, Marriott will solidify its status as the world’s largest hotel company.
In conjunction with the merger closing, Starwood expects its shares will cease trading on the New York Stock Exchange before market open on September 23, 2016. As previously announced, Starwood shareholders will receive $21.00 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.
More related posts:
- HOT: Starwood Recieves Bid From Chinese Company
- Chinese Anbang Group Bids Again For Starwood!
- Starwood Agrees To China’s Anbang Purchase
- Starwood Accepts Marriott’s New Offer
- Starwood And Marriott Tie Up Likely
This article touches more on the stock and shareholder perspective of what this combined company will be on September 23. But, what I am sure all of us SPG loyalists are wondering is about the specs of the potential combined loyalty program. What about the Starwood Preferred Guest Credit Card from American Express and the Starwood Preferred Guest Business Credit Card from American Express? Will these products still be offered after the merger is complete?