Shareholders of Lincoln National Corp. have approved its $7.5 billion acquisition of rival Jefferson-Pilot Corp., with the transaction expected to close in early April.
The Philadelphia-based insurance and investment products company, which markets itself under the name Lincoln Financial Group, said 98 percent of shares that voted approved the issuing of shares to complete the purchase. Jefferson-Pilot shareholders also gave the acquisition a nod, with over 85 percent of shares that voted in favor of the deal.
The combined company, with 2004 revenue of $9.5 billion, will be headquartered in Philadelphia.
Lincoln spokesman Tom Johnson said the company hasn’t yet determined how many jobs will be cut.
John Still, senior vice president of corporate development at Jefferson-Pilot, said job cuts will be minimal in Greensboro, N.C, where the company is headquartered.
Jefferson-Pilot employs 4,400 workers. Lincoln has 5,100 employees, of which 1,200 are in Philadelphia.
Last month, three directors decided to resign from Lincoln but the company said in a Securities and Exchange Commission filing that it wasn’t due to any disagreements.
Marcia J. Avedon, Jenne K. Britell and Ron J. Ponder submitted their resignation contingent on the completion of the Jefferson-Pilot’s acquisition. After the deal closes, Lincoln will expand its board to 15 directors from 12. Seven directors will come from Jefferson-Pilot.
Lincoln National Corp.: http://www.lfg.com
Jefferson-Pilot Corp.: http://www.jpfinancial.com
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