The shareholders of broker Jardine Lloyd Thompson Group plc have overwhelmingly voted in favour of the firms acquisition by broking and advisory giant Marsh & McLennan Companies, Inc. (MMC).
Demonstrating just how much support there was for the acquisition deal, of the shares voted, 99.9% voted in favor of the transaction, the company said.
“Today’s vote is an important milestone,” commented Dan Glaser, President and CEO of MMC. “The process of planning the future of Marsh & McLennan and JLT together now begins in earnest. The colleagues I’ve met at town halls are enthusiastic about bringing the best of both organizations together for the benefit of our clients.
“Upon closing, the combined firm will have the deepest pool of talent in the industry; the broadest industry expertise; and the greatest capability to invest in data, analytics and digital solutions. We will meet our clients’ greatest challenges with innovation and thought leadership,” Glaser added.
The previously-announced acquisition of Jardine Lloyd Thompson Group (JLT) by MMC for a cash consideration of $5.6 billion in fully diluted equity value, means holders of JLT’s common shares will receive cash consideration of £19.15 per share, equating to an estimated enterprise value of $6.4 billion.
MMC has already received agreement on the termination of the Hart-Scott-Rodino (HSR) waiting period, which effectively concluded the review of both the Federal Trade Commission (FTC) and Department of Justice into the deal and satisfied an important condition to the closing of the acquisition.
Still, additional antitrust, financial regulatory and UK High Court approvals are required before the deal goes ahead, but with the important backing of the acquired firms shareholders now secured there seems little chance that MMC’s acquisition of JLT won’t go ahead.