The merger between the MONY Group and AXA Financial has finally been approved. A vigorous campaign encouraged shareholders to vote against the planned merger, on the basis that AXAs offering price was too low. A little over half, which amounted to 67% of shares voted, were for the proposed merger.
Shareholders will receive $31 per share from AXA plus $0.33 to $0.35 per share in dividends from MONY. "In addition, MONY policyholders will enjoy the benefits that come from being part of one of the world's premier financial services organizations," said Michael I. Roth, chairman and CEO of MONY. "With approximately $522.6 billion in assets under management and superior financial strength ratings, AXA Financial has the size, scope and resources to provide MONY policyholders with outstanding products and services."