Posted on 22 Dec 2009
Towers, Perrin, Forster & Crosby, Inc. and Watson Wyatt Worldwide, Inc., both leading global consulting firms, announced that at their respective special meetings of shareholders, each held on Monday, their shareholders adopted the merger agreement pursuant to which the companies will combine their businesses.
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. In addition, Watson Wyatt shareholders approved the combined company’s long term incentive plan. 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, were voted in favor of adopting the merger agreement, and approximately 85% were voted in favor of the long term incentive plan.
“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 proposed merger will result in a leading global professional services firm with an enhanced portfolio of services across a range of financial, risk and people management areas.
About Towers Perrin
Towers Perrin is a global professional services firm that helps organizations improve performance through effective people, risk and financial management. The firm provides innovative solutions in the areas of human capital strategy, program design and management, and in the areas of risk and capital management, insurance and reinsurance intermediary services, and actuarial consulting. Towers Perrin has 6,300 employees located in 26 countries and is located on the Web at www.towersperrin.com.
About Watson Wyatt
Watson Wyatt is the trusted business partner to the world’s leading organizations on people and financial issues. The firm’s global services include: managing the cost and effectiveness of employee benefit programs; developing attraction, retention and reward strategies; advising pension plan sponsors and other institutions on optimal investment strategies; providing strategic and financial advice to insurance and financial services companies; and delivering related technology, outsourcing and data services. Watson Wyatt has 7,500 associates in 33 countries and is located on the Web at www.watsonwyatt.com.