Interval Leisure Group Announces Stockholder Approval In Connection With Acquisition Of Vistana Signature Experiences
Interval Leisure Group (Nasdaq: IILG) (“ILG”) announced today that at a special meeting of stockholders of ILG, the proposal necessary for the acquisition of Vistana Signature Experiences, Inc. (“Vistana”), the vacation ownership business of Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) (“Starwood”), through a merger of Vistana with a wholly-owned subsidiary of ILG (the “Merger”) immediately following the spin-off of Vistana from Starwood (the “Spin-Off”), was approved. Over 95 percent of the total votes cast by holders of ILG common stock present in person or represented by proxy at the meeting, representing over 92 percent of outstanding shares, voted in favor of the proposal to issue shares of ILG common stock in connection with the Merger.
“We are pleased by the overwhelming support our stockholders expressed for this transaction. Their strong endorsement reaffirms our belief that this acquisition is in the best long-term interests of our company and our stockholders. We look forward to the closing and to successfully integrating these two industry-leading businesses,” said Craig M. Nash, chairman, president, and CEO of ILG.
The Merger has cleared anti-trust review in the United States and Mexico. Closing remains subject to the satisfaction or waiver of customary closing conditions. ILG continues to expect the transaction to close on April 30, 2016.