19 November 2015 Insurance

Towers Watson and Willis delay merger vote meetings

Towers Watson and Willis have proposed an adjournment to scheduled meetings to vote on the proposed merger.

The meetings which were scheduled to take place yesterday, November 18, will now take place on November 20.

Towers Watson’s made the announcement that it had adjourned its special meeting of stockholders in order to provide additional time for its shareholders to vote.

The merger is expected to create $4.7 billion in incremental shareholder value, with the combined company expected to generate between $375-675 million in incremental annual revenue in its healthcare exchange, large market property and casualty insurance broking, and global benefits consulting business.

The companies also project annual cost savings of between $100-125 million, and a further $75 million in annual tax savings.

“We continue to believe that the proposed deal is powerful for both sets of shareholders,” said Dominic Casserley, chief executive officer, Willis.

“Bringing together Willis and Towers Watson is expected to generate significant value through very achievable cost savings, incremental revenues and tax benefits. Both companies have successful growth strategies in their own right, but we can achieve more together, and faster, than we can alone.”

James McCann, chairman of Willis, added: “We will continue our dialogue with shareholders of both companies, encouraging them to support this deal as it will drive value creation for both sets of shareholders.” added James McCann, chairman of Willis.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk