OREANDA-NEWS. Willis Group Holdings (NYSE:WSH) intends to convene and vote to adjourn today’s Extraordinary General Meeting (EGM) without voting on any other proposals before its shareholders. The decision was made as a result of Towers Watson’s announcement that it has adjourned its Special Meeting of Stockholders in order to provide additional time for its shareholders to vote.

The Willis Group EGM was called to vote on four proposals related to the Company’s proposed merger of equals with Towers Watson (Nasdaq:TW), including a proposal granting Willis the ability to adjourn the meeting to a later date.  Pending confirmation that shareholders have voted in favour of that proposal, the meeting will be adjourned and reconvened on 20 November at 09:30 EST.

Dominic Casserley, Willis Group Chief Executive Officer, said: “We continue to believe that the proposed deal is powerful for both sets of shareholders. Bringing together Willis and Towers Watson is expected to generate significant value through very achievable cost savings, incremental revenues and tax benefits. Both companies have successful growth strategies in their own right, but we can achieve more together, and faster, than we can alone.”

As previously disclosed, the merger is expected to create $4.7 billion in incremental shareholder value. The combined company is expected to generate between $375-675 million in incremental annual revenue in its healthcare exchange, large market property & casualty insurance broking, and global benefits consulting business. The companies also project annual cost savings of between $100-125 million, and a further $75 million in annual tax savings.

“We will continue our dialogue with shareholders of both companies, encouraging them to support this deal as it will drive value creation for both sets of shareholders.” said James McCann, Chairman of Willis Group.

In addition to merger synergies, Willis brings the promise of strong growth and significant margin improvement to the merged company.  Through the first nine months of this year, Willis delivered 7% underlying growth in commissions and fees through its diverse portfolio of products and geographies.  The company’s recent strategic M&A activity – including purchases of Miller Insurance and Max Matthiessen, and the pending acquisition of Gras Savoye – are driving additional growth. In addition, the company’s Operational Improvement Program (OIP) continues to exceed expectations: this year Willis raised its expected annualized OIP cost savings by the end of the program to $325 million.