TowersWatson shareholders against merger with Willis
Monday, 10 12 2015, Category: Insurance and Reinsurance, Country: World
Stakeholders who own millions of shares in Towers Watson & Co. are planning to vote against the firm’s $8.7 billion merger with Willis Group Holdings Plc if the terms of the transactions are not improved, people with knowledge of the matter said.
Investor Driehaus Capital Management LLC, which owns more than 1 million Towers Watson shares, wrote a second letter filed to the Securities Exchange Commission on Thursday saying it expects the deal will be voted down. Another shareholder who owns more than 2 percent of Towers Watson plans to vote against the merger, a person said, asking not to be identified as the matter is private.
Willis, the third-largest insurance broker, agreed in June to merge with Towers Watson to add consulting operations and help take on larger rivals.
Source: Insurance Journal