LONDON (Alliance News) - Jardine Lloyd Thompson Group PLC said Wednesday that 99.9% shareholders voted in favour of the GBP4.3 billion takeover offer by US insurance and risk management services provider Marsh & McLennan Cos Inc.
Jardine Lloyd Thompson said 665 shareholders - representing 158.2 million shares - agreed to the takeover by MMC Treasury Holdings (UK) Ltd.
Jardine Lloyd Thompson has 219.0 million shares in issue.
MMC Treasury is a wholly-owned subsidiary of New York-headquartered Marsh & McLennan.
Under the offer, Jardine Lloyd Thompson shareholders will receive 1,915.00 pence in cash. This represents a 34% premium to the FTSE 250 constituent's closing price of 1,432.00p the day before the offer was made.
Shares in Jardine Lloyd Thompson were up 0.1% Wednesday at 1,884.00 pence each.
The acquisition consideration implies an enterprise value, including debt, of approximately GBP4.9 billion for Jardine Lloyd Thompson, which provides insurance, reinsurance and employee benefits-related advice.
Following completion of the acquisition, Jardine Lloyd Thompson Chief Executive Dominic Burke will join Marsh & McLennan as vice chairman and will serve as a member of the executive committee.
The deal is currently expected to close "during Spring 2019", subject to receipt of the relevant competition clearances and regulatory approvals.
In October, the acquisition received US antitrust approval.
The US Federal Trade Commission granted an early termination of the waiting period under the Hart-Scott-Rodino Act with respect to Marsh & McLennan's acquisition of Jardine Lloyd.
The termination of the HSR waiting period effectively concludes the competition review of both the FTC and the US Department of Justice.
The acquisition remains subject to additional required antitrust and regulatory approvals.
Jardine Lloyd Thompson was expected to release its third quarter results this week but the FTSE 250-listed insurer said its next update will be its year-end December results, to be confirmed at a later date.
