Marriott Vacations Worldwide Corporation and ILG, Inc. announced that at separate special stockholder meetings the stockholders of both companies approved proposals relating to Marriott Vacations Worldwide’s acquisition of ILG on August 28. Holders of over 99 percent of Marriott Vacations Worldwide shares present and voting at the meeting voted in favor of a proposal to issue shares of Marriott Vacations Worldwide common stock in connection with the transaction, and holders of over 99 percent of ILG shares present and voting at the meeting voted in favor of a proposal to approve the transaction.
“We are very pleased to see the support from our shareholders today, as they overwhelmingly approved our acquisition of ILG,” said Stephen P. Weisz, president and CEO of Marriott Vacations Worldwide. “We look forward to closing on the transaction at the end of this week and creating tremendous value for our shareholders.”
Craig M. Nash, ILG’s chairman, president and CEO, said, “The strong endorsement of our stockholders reaffirms our belief that this combination provides them with immediate and compelling cash value and the opportunity to meaningfully participate in the long-term growth potential of the combined company.”
At closing, ILG stockholders will receive 0.165 shares of Marriott Vacations Worldwide common stock plus $14.75 in cash for each share of ILG common stock.
As previously announced, the parties have completed the pre-merger antitrust review in the United States and Mexico. Completion of the transaction is expected to occur at 12:02 a.m., ET, on September 1, 2018, pending the satisfaction of other customary closing conditions.
SOURCE: Marriott Vacations Worldwide