Willis and Towers Watson shareholders approve mergerStaff writer ▼ | December 14, 2015
Willis Group Holdings and Towers Watson have announced the preliminary results of their respective special meetings of shareholders.
Merger New company will be Willis Towers Watson
The companies expect that the transaction will close very early in the New Year, subject to customary closing conditions, including the receipt of certain regulatory approvals.
At Willis’s extraordinary general meeting of shareholders, shareholders approved a proposal that Willis issue new shares to Towers Watson shareholders as required to complete the merger.
Shareholders also approved proposals to change the name of the combined company to Willis Towers Watson upon completion of the merger and to execute a reverse stock split in which every 2.6490 Willis shares would be converted to one share, allowing Towers Watson shareholders to receive one post-split Willis share for each Towers Watson share.
At Towers Watson’s special meeting of stockholders, shareholders voted in favor of a proposal to approve the merger agreement with Willis, the only Towers Watson shareholder approval required for Towers Watson to complete the merger.
In other business at the meeting, Towers Watson shareholders approved, on a non-binding, advisory basis, specified compensation arrangements between Towers Watson and its named executive officers relating to the transactions contemplated by the Merger Agreement. ■