Most Hilb shareholders elect cash in Willis merger

British insurance broker Willis Group Holdings announced in June that it would pay $1.67 billion in cash and stock for Hilb Rogal & Hobbs in a move to double its North America revenue.

Of Hilb's 37.3 million outstanding common shares Monday, 72.4 percent elected to receive cash, 26.48 percent elected to receive Willis common stock, and 0.3 percent made no election selection.

The deal is expected to close Wednesday.

Shares of Hilb Rogal & Hobbs rose 95 cents, or 2.1 percent, to $46.03 in morning trading. Willis shares fell $1.30, or 3.9 percent, to $31.70.