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Willis and Towers Watson shareholders approve revised merger | Canadian Insurance
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Willis and Towers Watson shareholders approve revised merger

Transaction is expected to close early in the new year

Both Willis and Towers Watson shareholders have approved the revised merger, which the companies expect will close very early in 2016.

The joint release didn’t disclose vote tallies.

The companies agreed to merge in June in an initial deal that valued Towers Watson at $8.7 billion, which was seen as too low. The Institutional Shareholder Services recommended Willis shareholders vote for the deal but Towers Watson shareholders reject it, saying the latter company settled for too low a price.

In November, the companies amended their merger agreement so Towers Watson shareholders receive a one-time cash dividend of $10.00 per share pre-closing. The new offer valued Towers Watson at $8.9 billion.