Marriott International, Inc. (MAR/NYSE) today announced a record date of March 20, 1998 for the spin off of a new company to be comprised of its lodging, senior living and distribution services businesses. This new company will adopt the Marriott International, Inc. name.
The current Marriott International will distribute one share of common stock (having one vote per share) and one share of Class A common stock (having ten votes per share) of the “new” Marriott International for every share owned on the record date. The distribution is expected to be made on March 27, 1998, subject to shareholder approval of the transaction and other customary conditions.
As previously reported, Marriott International has entered into a definitive agreement to merge its food service and facilities management business (Marriott Management Services) with the North American operations of Sodexho Alliance, S.A. Prior to the merger, Marriott International plans to complete the spin off described above. The present Marriott International will change its name to Sodexho Marriott Services, Inc.