Willis has entered an accelerated share repurchase for an intial purchase price of $400m...
Willis has entered into an agreement to purchase approximately 10.2 million shares of its common stock from JP Morgan Securities using an accelerated stock repurchase programme for an initial purchase price of $400m.
The repurchase is part of Willis' previously announced stock repurchase programme, and represents over half of its buyback ambitions.
Joe Plumeri, Willis chairman and chief executive said, “We are more confident than ever about the future of Willis. This share buyback is a demonstration of our passion for the company as well as an opportunity for us to aggressively return value to our loyal shareholders.”
The company expects the buyback programme to be completed by the end of 2007. All of the shares repurchased under the agreement will be retired. After this transaction, Willis will have $339m of authorised share repurchases remaining under its existing buyback authorisation.
