Teladoc Health (TDOC -4.49%) and Livongo Health (LVGO) investors, in separate special shareholder meetings, overwhelmingly voted in favor of the merger of the two companies. Teladoc revealed this in a press release issued on Thursday, adding that in both cases, more than 99% of voters approved the deal.

The merger was announced in August. It will take the form of a share exchange, in which one share of Livongo will be swapped for 0.592 shares of Teladoc and $11.33 in cash; all told, the deal was valued at $18.5 billion. 

Woman using telemedicine services.

Image source: Getty Images.

Subsequently, current stockholders of the former company will own 58% of the bulked-up new business (which will inherit the Teladoc Health name) with Livongo investors holding the remainder. Originally, the two had anticipated closing their merger this quarter, subject to approval from the relevant regulators in addition to the shareholder approvals.

"We are pleased that our shareholders overwhelmingly support this transformative opportunity to deliver, enable and empower true whole person health," said Teladoc CEO Jason Gorevic. "By combining with Livongo, Teladoc Health will be able to connect consumers and healthcare professionals from hospital to home with data insights and personalized support that deliver better health outcomes. We are excited to move another big step closer to making this vision a reality."

Investors aren't necessarily buying this line of reasoning; some believe that the tie-up lacks true synergy. Teladoc is a provider of a wide variety of telemedicine services, while Livongo is a tech-forward chronic care management specialist. 

It was those bears that growled the loudest about the double ratification. On Thursday, shares of both companies closed down by 3.9%, in contrast to the 1.2% gain of the S&P 500 index.