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MARRIOTT SETTLES WITH PREFERRED SHAREHOLDERS

 WASHINGTON, July 23 /PRNewswire/ -- Marriott Corporation (NYSE: MHS) today announced that it has reached a settlement with preferred shareholders who had commenced a lawsuit against Marriott in Delaware Chancery Court. The preferred shareholders had challenged Marriott's plan to divide its operations into two companies by means of a special dividend. Prior to the settlement, the Chancery Court had denied the preferred shareholders' motion for preliminary injunction.
 Marriott said the settlement calls for the preferred shareholders, who hold more than 50 percent of Marriott's outstanding preferred stock, to dismiss their case against Marriott and convert their preferred stock into common stock prior to the occurrence of the special dividend, in exchange for an immaterial payment from Marriott.
 Stephen F. Bollenbach, executive vice president and chief financial officer of Marriott Corporation, said, "Marriott is pleased with the settlement. It allows us to bring the litigation to a close and to focus our attention on the timely completion of the special dividend."
 -0- 7/23/93
 /CONTACT: Robert T. Souers of Marriott Corporation, 301-380-1339/
 (MHS)


CO: Marriott Corporation ST: District of Columbia IN: LEI SU:

KD-MH -- DC007 -- 4998 07/23/93 08:44 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
Words:191
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