ORLANDO, FL—Marriott Vacations Worldwide Corporation and ILG Inc. held separate special stockholder meetings, at which the stockholders of both companies approved proposals relating to Marriott Vacations Worldwide’s acquisition of ILG.
Holders of more than 99% 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 more than 99% 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 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 Sept. 1, pending the satisfaction of other customary closing conditions.
Moelis and Goldman Sachs are serving as financial advisors to ILG and JP Morgan is serving as financial advisor to Marriott Vacations Worldwide. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to ILG, and Kirkland & Ellis LLP is serving as legal counsel to Marriott Vacations Worldwide on the transaction.
Marriott Vacations Worldwide Corporation is a global pure-play vacation ownership company, offering a portfolio of products, programs and management expertise with more than 65 resorts. Its brands include Marriott Vacation Club, The Ritz-Carlton Destination Club and Grand Residences by Marriott.
ILG is the exclusive global licensee for the Hyatt, Sheraton and Westin brands in vacation ownership. ILG’s operating businesses include Aqua-Aston Hospitality, Hyatt Vacation Ownership, Interval International, Trading Places International, Vacation Resorts International, VRI Europe, and Vistana Signature Experiences.