NEW YORK (TheStreet) -- Starwood Hotels & Resorts (HOT) stock is up by 0.86% to $78.84 in mid-afternoon trading on Friday, after the company's shareholders approved its combination with Marriott Int'l (MAR).
The Stamford-based company, which operates hotel brands such as The Westin, announced on Friday that its shareholders approved Marriott's $13.6 billion acquisition of the company. Marriott shareholders also approved the acquisition on Friday.
The deal, which is expected to close in mid-2016, still must receive regulatory approval in the European Union and China, Starwood said in a statement.
"Today's vote is a significant step toward closing, and we are grateful for the continued enthusiasm and support for this merger," Starwood CEO Thomas Mangas said in a statement. "There is no doubt that this transaction puts our company on the best path forward and we remain excited about the opportunity this combination will create for our stockholders, associates, owners and guests."
Marriott stock is gaining by 1.27% to $66.36 in mid-afternoon trading on Friday.
Separately, 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. Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that we have evaluated. We feel its strengths outweigh the fact that the company has had somewhat weak growth in earnings per share.
You can view the full analysis from the report here: HOT