Marriott International will buy Starwood Hotels & Resorts
Marriott International will buy Starwood Hotels & Resorts Worldwide in a cash and stock deal valued at $12.2 billion to create the world’s largest hotel chain.
Starwood shareholders will receive 0.92 shares of Marriott Class A common stock and $2 in cash for each Starwood share held, the companies said Monday.
The offer translates into $72.08 per share for Starwood, a discount of about 4 percent to the stock’s Friday close.
Arne Sorenson, Marriott’s CEO, told CNBC’s “Squawk Box” on Monday that company officials were “dissuaded” at first. “But as the months went by, we saw a relative shift in the values of the company, so it made it more attractive economically, and we became convinced that there was more value that could be created with the two companies together.”