ACE And Chubb Shareholders Approve ACE-Chubb Merger - Quick Facts

(RTTNews) - ACE Limited (ACE) shareholders voted at a special meeting to approve all proposals related to the company's previously announced agreement to acquire The Chubb Corp. (CB). Votes in favor of each agenda item exceeded 98% of the total represented and cast.

The matters approved today, 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.

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.

In a separate press release, Chubb announced that its shareholders have approved the merger agreement with ACE Limited at the special meeting of Chubb shareholders held today.

The proposal to approve the merger agreement received support from approximately 98% of the votes cast. Upon completion of the merger, Chubb shareholders will receive $62.93 per share in cash and 0.6019 shares of ACE common stock for each share of Chubb common stock.