Aon-Willis Towers Watson shareholders vote in 'overwhelming support' of merger
Aon and Willis Towers Watson shareholders have voted in favour of their $30 billion all-stock combination at their respective special meetings. The transaction is scheduled to close in the first half of 2021, subject to customary regulatory and other closing conditions.
Shareholders in both the companies approved all of the proposals necessary to complete the deal, according to WTW.
Aon chief executive Greg Case highlighted "overwhelming" shareholder support for the proposed merger. Willis Towers Watson chief John Haley said the vote reflects shareholders’ confidence in the transaction, which he hopes will strengthen and expand its capacity to address unmet client needs.
Earlier in August, proxy advisers Glass Lewis and Institutional Shareholder Services (ISS) urged Aon and Willis Towers Watson shareholders to vote in favour of the merger, calling the deal "strategically and financially compelling". ISS noted that their complementary businesses and client bases may provide the potential for revenue upside.
Upon completion of the merger, Willis Towers Watson shareholders will receive 1.08 Aon shares in exchange for each Willis Towers Watson share they held immediately prior to the closing.
Case commented: “On behalf of Aon’s Board of Directors and executive team, I would like to thank our shareholders for their overwhelming support of the proposed combination with Willis Towers Watson. Our combination, which will accelerate innovation and strengthen our capability to provide more relevant solutions for clients, has only become more important through the COVID-19 pandemic. The events of 2020 are illustrative of the exact type of transformative long-tail risk our new organization will be best positioned to address, creating significant value for clients, colleagues, and shareholders.”
Haley added: “Today marks an important milestone towards completing the transaction. The vote reflects our shareholders’ confidence in this next step of our journey. We are pleased with the outcome of today’s meetings and we thank all of our shareholders for their support of this combination that will bring together our complementary strengths and expand our capacity to address unmet client needs.”
