Towers, Perrin Forster & Crosby and Watson Wyatt shareholders OK deal

By Lisa Kerner

Charlotte, N.C., Dec. 18 - Towers, Perrin, Forster & Crosby, Inc. and Watson Wyatt Worldwide, Inc. expect their merger to become effective Jan. 1 after shareholders of both companies approved the deal at separate special meetings on Friday.

Approximately 97% of the shares of Towers Perrin common stock issued and outstanding as of Nov. 2 and approximately 99% of the shares of Watson Wyatt class A common stock present and entitled to be cast on Nov. 3 were voted in favor of the merger agreement, the companies said.

In June, the companies' boards of directors unanimously approved a definitive agreement in which the companies will combine in a merger of equals to form Towers Watson & Co.

Watson Wyatt shareholders will be entitled to receive 50% of the combined company's shares on a fully diluted basis.

As previously reported, Towers Perrin's shareholders, who are all active employees of the company, plus a group of Towers Perrin employees to be designated to receive certain equity incentive awards, also will be entitled to receive 50% of the combined company's shares on a fully diluted basis.

Towers Perrin is a Stamford, Conn.-based consulting firm.

Watson Wyatt is a human resources consulting firm based in Arlington, Va.

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