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Sat, 30 April 2016

Brief Delay in Planned Closing of ILGs Acquisition of Vistana Signature Experiences

Interval Leisure Group and Starwood Hotels & Resorts have confirmed that there will be a brief delay in the planned closing of ILGs acquisition of Starwoods vacation ownership business, Vistana Signature Experiences.

Both companies are working to avoid unnecessary tax withholding under the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA), as discussed in Starwoods and ILGs Current Reports on Form 8-K, which were filed with the U.S. Securities and Exchange Commission on 19 April 2016.

The companies are finalizing the procedures to identify which shareholders are properly subject to this withholding.

The acquisition, which will occur through a merger of Vistana with a wholly-owned subsidiary of ILG following the spin-off of Vistana from Starwood, was previously expected to close today (30 April 2016), and is now expected to close in May, subject to satisfaction or waiver of customary closing conditions.

As announced on 28 October 2015, the Boards of Directors of ILG and Starwood unanimously approved the transaction. On 20 April 2016, ILG stockholders voted to approve the share issuance in connection with the merger at a special meeting of stockholders, and the merger has received all necessary anti-trust approvals.

See other recent news regarding: ILG, Starwood, Vistana

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