Marriott International, Inc. (NYSE:MAR) announced the approval of the spin-off of Marriott Vacations Worldwide Corporation through the distribution of shares to holders of Marriott International common stock. As discussed in our prior posts, Marriott Vacations Worldwide will become the market’s largest pure-play timeshare company. Details from the press release include the following:
- Marriott Vacations Worldwide will be the exclusive developer and manager of vacation ownership and related products under the Marriott brand and the exclusive developer of vacation ownership and related products under the Ritz-Carlton brand.
- The spin-off will be completed through a pro rata dividend of Marriott Vacations Worldwide common stock on Monday, November 21, 2011 to Marriott International shareholders of record as of the close of business of the New York Stock Exchange on Thursday, November 10, 2011.
- Each Marriott International shareholder will receive one share of Marriott Vacations Worldwide common stock for every ten shares of Marriott International Class A common stock held.
- Following the spin-off, Marriott Vacations Worldwide intends to have its common stock listed on the NYSE under the symbol “VAC.”