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Worldpay stockholders approve all proposals at annual meeting

Payments technology company Worldpay Inc (LON:WPY) has posted a SEC filing about the results of its 2019 Annual Meeting of Stockholders held on May 16, 2019. 

At the Annual Meeting, Worldpay stockholders voted on and approved four proposals. Present at the Annual Meeting in person or by proxy were holders of shares of Class A common stock representing 255,655,354 votes.

The items of business voted and approved at the the 2019 Annual Meeting include:

  • To elect Lee Adrean, Mark Heimbouch and Gary Lauer as Class I directors;
  • To approve, on an advisory basis, the compensation of the Company’s named executive officers;
  • To approve, on an advisory basis, the preferred frequency of stockholder advisory votes on executive compensation;
  • To ratify the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2019.

As FinanceFeeds has reported, the merger with FIS was not discussed during the meeting. Charles Drucker, Executive Chairman and Chief Executive Officer of Worldpay, explained back in April that the business conducted at the 2019 Annual Meeting does not relate to the merger.

On March 17, 2019, Worldpay entered into an agreement and plan of merger with Fidelity National Information Services, Inc. (FIS) and Wrangler Merger Sub, Inc., a wholly-owned subsidiary of FIS pursuant to which Wrangler will merge with and into Worldpay with Worldpay continuing as a wholly-owned subsidiary of FIS. Subject to the terms and conditions set forth in the Merger Agreement, Worldpay’s stockholders will receive 0.9287 shares of common stock of FIS and $11 cash for each share of Worldpay. Completion of this merger remains subject to certain customer closing conditions including receipt of required stockholder and regulatory approvals.

In its report for the first quarter of 2019, Worldpay provided a revised cost synergies forecast in light of post-merger integration with FIS. Worldpay expects to achieve $250 million in annualized cost synergies by year-end 2019, up from its previous expectation to achieve $200 million in annualized cost synergies by year-end 2020. In addition, Worldpay increased its in-year 2019 cost synergies forecast to $180-$190 million from $130-$140 million.

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