NEW YORK (TheStreet) -- Marriott Int'l (MAR - Get Report) stock is up by 0.9% to $66.12 in midday trading on Friday, after shareholders approved the company's combination with Starwood Hotels & Resorts (HOT).
The Bethesda-based hotels operator announced on Friday that both Marriott and Starwood shareholders approved the acquisition.
Under the terms of the deal, Starwood shareholders will receive $21 per share in cash and 0.8 shares of Marriott common stock. The deal is expected to close in mid-2016.
"With today's successful stockholder approval milestone, we are that much closer to completing our transaction," Marriott CEO Arne Sorenson said in a statement. "Our teams continue to plan the integration of our two companies, and we are committed to a timely and smooth transition. We appreciate the stockholders' vote of confidence in our ability to drive long-term value and opportunity as a combined company."
Starwood stock is up by 0.7% to $78.74 in midday trading on Friday.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "buy" with a ratings score of B-. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, revenue growth, good cash flow from operations and increase in net income. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: MAR