Stockholders of Marriott Vacations Worldwide and ILG Approve Merger
Marriott Vacations Worldwide Corporation (NYSE: VAC) and ILG, Inc. (NASDAQ: ILG) today announced that at separate special stockholder meetings the stockholders of both companies approved proposals relating to Marriott Vacations Worldwide's acquisition of ILG. 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.
Craig M. Nash, ILG's chairman, president and chief executive officer, 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.
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.
About Marriott Vacations Worldwide Corporation
Marriott Vacations Worldwide Corporation is a leading global pure-play vacation ownership company, offering a diverse portfolio of quality products, programs and management expertise with over 65 resorts. Its brands include Marriott Vacation Club, The Ritz-Carlton Destination Club and Grand Residences by Marriott. Since entering the industry in 1984 as part of Marriott International, Inc., the company earned its position as a leader and innovator in vacation ownership products. The company preserves high standards of excellence in serving its customers, investors and associates while maintaining a long-term relationship with Marriott International. For more information, please visit www.marriottvacationsworldwide.com.
ILG is a leading provider of professionally delivered vacation experiences and the exclusive global licensee for the Hyatt®, Sheraton®, and Westin® brands in vacation ownership. The company offers its owners, members, and guests access to an array of benefits and services, as well as world-class destinations through its international portfolio of resorts and clubs. 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. Through its subsidiaries, ILG independently owns and manages the Hyatt Residence Club program and uses the Hyatt Vacation Ownership name and other Hyatt marks under license from affiliates of Hyatt Hotels Corporation. In addition, ILG's Vistana Signature Experiences, Inc. is the exclusive provider of vacation ownership for the Sheraton and Westin brands and uses related trademarks under license from Starwood Hotels & Resorts Worldwide, LLC. Headquartered in Miami, Florida, ILG has offices in 15 countries and more than 10,000 associates. For more information, visit www.ilg.com.