ACE Limited shareholders voted yesterday at a special meeting to approve all proposals related to the company’s previously announced agreement to acquire The Chubb Corporation. Votes in favor of each agenda item exceeded 98 percent of the total represented and cast.
The matters approved, including the proposal to change the company’s name to Chubb Limited following completion of the transaction, constitute all ACE shareholder approvals required for closing.
Four current members of the Chubb board of directors were also elected to the ACE Limited board, effective as of the completion of the transaction.
“Today’s vote is an important milestone toward completing our acquisition of Chubb, a venerable company with a great brand,” said Evan G. Greenberg, chairman and CEO of ACE Limited. “This transaction advances our strategy and represents an outstanding opportunity to create significant value for both ACE and Chubb shareholders. The combination brings together two great underwriting companies that are highly complementary. We will make each other better and create a unique company in a class of its own that has greater growth and earning power than the sum of the two companies separately.”
The transaction was announced on July 1, 2015. On September 30, 2015, ACE received notice from the U.S. Federal Trade Commission that it had granted early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The transaction, which is expected to close in the first quarter of 2016, remains subject to regulatory reviews and approvals and other customary closing conditions.
Source: ACE Limited
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