The most interesting aspect of the deal is that instead of the traditional transaction premium, Marriott will buy Starwood in a deal where shareholders will receive 0.92 Marriott Class A shares and $2 in cash for each Starwood share, the companies said on Monday. This works out to $72.08 per share for Starwood, a discount of about 4 percent to the stock's Friday close. In other words, an aggressive take under for a company that was trading as high as $86/share, suggesting the purchase price is about 16% below the 52 week highs.
"I really hope I am wrong about everything I wrote. I hope those advocating for positive statements and solidarity will win the day. I hope EU politicians change course before it’s too late. I hope all of those things, but hope is not going to save Europe... Because if not, the backlash against Muslims generally, and refugees specifically, is likely to be sustained and unjustifiably harsh."
While the world was following the tragic events unfolding on Friday night in France where hundreds of innocent civilians were killed or injured, an important economic development took place at the IMF, whose staff and head Christine Lagarde, officially greenlighted the acceptance of China's currency - the Renminbi, or Yuan - into the IMF's foreign exchange basket, also known as the Special Drawing Rights. Here are the initial early responses by various Wall Street analysts.
In the latest from Europe's border battles, Austria has responded to Slovenia by building its own version of an anti-migrant fence while Sweden has began checking trains coming from Denmark and removing anyone without the proper papers. Saving Schengen truly is a "race against time."
In the next financial crisis, physical gold held outside the banking system in safe vaults in safe jurisdictions will prove to be a “financial cushion” to individuals, companies, pension funds, family offices, and indeed nations.
“The authorities have arrested a lot of people, but we still don’t have a clear picture regarding the real reasons behind it. Sometimes we just tell ourselves that we don’t really need to know the truth, as long as the market goes up.”
On the heels of Washington's move to send a guided missile destroyer to The South China Sea to counter Chinese "aggression," the US reportedly flew two B-52 strategic bombers "near" Beijing's man-made islands last weekend. There are competing accounts as to what took place, but this certainly looks like the latest escalation in an increasingly dangerous game of chicken.