Starwood Hotels & Resorts Worldwide, Inc Announces Intent to De-List Class B Shares from the New York Stock Exchange in Connection with the Host Marriott Transaction
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Starwood Hotels & Resorts Worldwide, Inc Announces Intent to De-List Class B Shares from the New York Stock Exchange in Connection with the Host Marriott Transaction
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2006-04-10
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) ("Starwood") announced today that in connection with the previously announced transaction with Host Marriott Corporation (NYSE: HMT) ("Host") and the acquisition by a subsidiary of Host of Starwood's subsidiary, Starwood Hotels & Resorts (the "Trust"), Starwood intends to withdraw the Class B shares of the Trust from listing on the New York Stock Exchange (the "NYSE") after the market closes today. The Class B shares of the Trust are currently paired and trade together as a unit on the NYSE under the symbol "HOT". Starwood anticipates that the Class B shares of the Trust and the common stock of the Corporation will be depaired after the market closes today, in anticipation of the closing of the transaction with Host on the morning of April 10, 2006, which is subject to certain conditions. It is expected that shares of common stock of Starwood will begin trading separately under the symbol "HOT" on the NYSE on Monday morning, April 10, 2006.
Under the terms of the transaction with Host, Starwood shareholders will receive 0.6122 shares of Host common stock and 50.3 cents in cash for each Class B share they own. Based on Host's $20.80 closing price on Thursday, April 6, 2006, this consideration would have a per-share value of $13.24 and the total value of the transaction (including cash, stock and assumption of debt) is approximately $4.3 billion. The actual value of consideration to be received by Starwood's Class B shareholders and the total value of the transaction will depend upon the market price per share of Host common stock when the transaction is closed.
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