HALISTER: MORE: Starwood Hotels Gets Unsolicited $76/Shr Offer

MORE: Starwood Hotels Gets Unsolicited $76/Shr Offer

(Bloomberg) -- Starwood Hotels says got $76/shr cash non-binding proposal from consortium of cos. on March 10; represents 7.9% premium to close.
  • HOT up 10% pre-mkt
  • As per separate agreements, holders would also get Interval Leisure Group stock from previously announced spin-off of vacation ownership business, Vistana Signature Experiences, subsequent merger with ILG, currently valued at ~$5.50/HOT shr
  • HOT has received waiver from Marriott to engage in discussions, provide information to the consortium; waiver expires 11:59pm March 17
  • HOT board hasn’t changed recommendation supporting MAR merger; will “carefully consider” outcome of discussions; consortium hasn’t finished diligence
  • HOT doesn’t plan to comment further on discussions before expiration of waiver period
  • Lazard, Citigroup Global Markets advising
  • NOTE: Feb. 29, HOT Preps for MAR Merger by Selling Assets: BI 4Q Review
Statement:Link
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
HOT US (Starwood Hotels & Resorts Worldwide Inc)
MAR US (Marriott International Inc/MD)

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