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Aon Stockholders Approve Share Issuance in Hewitt Merger

Source: Aon

Posted on 21 Sep 2010

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At a special meeting of stockholders of Aon Corporation held on Monday, Aon stockholders voted in favor of a proposal to approve the issuance of shares of Aon common stock to stockholders of Hewitt Associates Inc, abenefit consulting and human resources outsourcing firm.

As part of the transaction, Hewitt shareholders will receive a combination of cash and Aon Corp. stock totaling $4.9 billion based on the July 9 closing price of Aon's shares.

Earlier in the day, stockholders of Hewitt approved adoption of the Agreement and Plan of Merger at a special meeting of Hewitt's stockholders. Completion of the transaction remains subject to customary closing conditions, including the receipt of certain regulatory approvals.

Chicago-based Aon said it hopes to complete the transaction by mid-November. At that point, it plans to integrate Hewitt and its Aon Consulting unit and change the name of the consulting operations to Aon Hewitt.

Aon Hewitt would generate about $4.3 billion in annual revenues and have about 29,000 employees.