Marriott Files Form S-4 On Starwood Acquisition; To Resume Share Buyback

(RTTNews) - Marriott International, Inc. (MAR) said it has filed a joint proxy and registration statement on Form S-4 with the U.S. Securities and Exchange Commission or SEC in connection with its proposed acquisition of Starwood Hotels & Resorts Worldwide Inc. (HOT) in a merger transaction.

In mid-November. Marriott and Starwood Hotels said that the boards of directors of both companies unanimously approved a definitive merger agreement to create the world's largest hotel company. Total consideration to be paid by Marriott will total $12.2 billion, consisting of $11.9 billion of Marriott International stock and $340 million of cash.

Once completed, the transaction would result in the world's largest hotel company, with more than 5,500 hotels and 1.1 million rooms across 31 brands in over 100 countries. The combined company would be named Marriott International, Inc. and would be headquartered in Bethesda, MD.

Marriott noted that during the preparation of the pending registration statement, it was prohibited from engaging in share repurchases. With the filing of the draft Form S-4, Marriott will resume share repurchases immediately. For 2015, Marriott expects nearly $2.2 billion will be returned to shareholders through share repurchases and dividends.