Marriott International, Inc and Starwood Hotels & Resorts Worldwide, Inc has expired the waiting period on 29 February 2016 under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 as amended (the “HSR Act”) in connection with Marriott’s proposed acquisition of Starwood through a business combination. This means that the parties have cleared the premerger antitrust review in the United States, satisfying one of the closing conditions of the pending combination transactions.
The premerger waiting period under Canadian Law has also expired and the Competition Bureau of Canada has issued a “no-action letter” in respect of the proposed transaction. Both companies continue to cooperate with competition authorities in other jurisdictions worldwide to obtain regulatory approvals for the transaction.
28 March is the date set for both companies’ separate special stockholder meetings to approve the combination transactions. The target date to close the transaction is mid 2016 subject to stockholder approvals, receipt of additional regulatory approvals, Starwood’s divestiture of its vacation ownership business, and satisfaction of other customary conditions precedent.
