Willis Group Holdings Limited announced that it has entered into an agreement to purchase approximately 10.2 million shares of its common stock from J.P. Morgan Securities Inc. “using an accelerated stock repurchase program for an initial purchase price of $400 million. This repurchase is part of Willis’ previously announced stock repurchase program.”
Chairman and CEO Joe Plumeri commented: “We are more confident than ever about the future of Willis. This share buy back is a demonstration of our passion for the Company as well as an opportunity for us to aggressively return value to our loyal shareholders.”
Willis also noted: “Under the terms of the arrangement, the repurchased shares are subject to a price adjustment based on the volume weighted average market price of Willis’ common shares during the term of the program. The Company expects the program to be completed by the end of 2007. All of the shares repurchased under the agreement will be retired.
“After this transaction, the Company will have $339 million of authorized share repurchases remaining under its existing buyback authorization.”