According to a press release, approximately 97% of the shares of Towers Perrin common stock issued and outstanding as of November 2, 2009 (the record date for Towers Perrin’s special meeting) were voted in favor of adoption of the merger agreement, as did approximately 99% of the shares of Watson Wyatt Class A common stock present and entitled to be cast on November 3, 2009, the record date for Watson Wyatt’s special meeting.
“I am pleased that the shareholders of both Towers Perrin and Watson Wyatt have approved the merger,” said John Haley, Watson Wyatt Chief Executive Officer, who will serve as Chief Executive Officer of the combined company, Towers Watson & Co. “We look forward to completing this transaction, which will create a leading global professional services firm with an enhanced portfolio of services across a range of financial, risk and people management areas.”
“We are delighted to move forward and finalize the merger and launch Towers Watson,” said Mark Mactas, Towers Perrin Chief Executive Officer, who will serve as Deputy Chairman, President and Chief Operating Officer of the combined company. “With our combined experience and deep talent, we are well-positioned to help our clients meet their needs in the next decade and beyond.”
The proposed transaction remains subject to additional conditions contained in the merger agreement. Assuming that all such conditions are satisfied, the parties currently anticipate that the merger will become effective on January 1, 2010. The European Commission gave its blessing to the merger earlier this month (see EU Gives OK to Towers Watson Combo).
Towers Perrin has 6,300 employees located in 26 countries and is located on the Web at www.towersperrin.com, while Watson Wyatt has 7,500 associates in 33 countries and is located on the Web at www.watsonwyatt.com.