Willis Towers Watson Public LimitedNASDAQ
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  • Dec. 11, 2015, 8:55 AM
    • Also approved is a name-change post-merger to Willis Towers Watson, and a stock split for Willis Group (NYSE:WSH) in which every 2.649 Willis shares will be converted to one share, thus allowing Towers Watson (NASDAQ:TW) owners to receive one post-split Willis share for each share of TW they hold.
    • Previously: Boosted consideration not enough for Towers Watson activist (Nov. 19)
    | Dec. 11, 2015, 8:55 AM
  • Nov. 19, 2015, 2:42 PM
    • This morning's boosted cash dividend is an acknowledgement the deal's initial terms were too low, says Driehaus Capital Management, an owner of 1.175M shares in Towers Watson (NASDAQ:TW) [roughly 1.7% stake].
    • It's a step in the right direction, says Driehaus, but not enough. A true merger of equals would dictate a special payout of $17.72 per share (vs. the $10 offered), they say, urging Willis Group (NYSE:WSH) to put its best and final offer on the table.
    • Previously: Towers Watson and Willis Group amend deal (Nov. 19)
    • Previously: More on Towers/Willis: Votes are short (Nov. 18)
    | Nov. 19, 2015, 2:42 PM
  • Nov. 19, 2015, 9:29 AM
    • Towers Watson (NASDAQ:TW) shareholders will receive a one-time cash dividend of $10 per share prior to the closing of the merger with Willis Group (NYSE:WSH). That's up from $4.87 per the original agreement.
    • There is no change in the number of WSH shares Towers owners will receive.
    • Yesterday's special meetings were postponed due to lack of shareholder support, and the new date is tomorrow.
    • Update a 10 ET: Shareholder meetings to reconsider the amended deal will take place no later than Dec. 16.
    | Nov. 19, 2015, 9:29 AM
  • Nov. 18, 2015, 12:02 PM
    • According to the WSJ, just over 40% of Towers Watson (NASDAQ:TW) shareholders had voted to support the Willis Group (NYSE:WSH) merger.
    • Towers, along with Willis, postponed a special meeting of shareholders until Friday to give it more time to round up votes, or possibly sweeten the deal. Trouble is, by making the deal look better for Towers owners, it becomes less attractive to Willis owners, who also must approve.
    • Driehaus Capital Management - an owner of about 1% of TW - has been against the deal, arguing it especially undervalues TW's health-insurance exchange business.
    • ValueAct's Jeff Ubben - an owner of about 10% of Willis - is a fan of the merger, and criticizes proxy firm ISS for encouraging shareholders to "walk away from a highly accretive deal."
    • Previously: Towers Watson calls off Willis Group vote (Nov. 18)
    • Previously: Wells Fargo: Towers Watson owners likely to reject Willis Group merger (Nov. 18)
    | Nov. 18, 2015, 12:02 PM
  • Nov. 18, 2015, 9:08 AM
    | Nov. 18, 2015, 9:08 AM
  • Nov. 18, 2015, 8:19 AM
    • With the vote set for today, the team at Wells expects Towers Watson (NASDAQ:TW) shareholders to reject the deal by a slim margin. Further, the team doesn't expect another party to step in and bid for Willis (NYSE:WSH).
    • Willis' stock price could even come under pressure if the merger is approved, says Wells, which reiterates its Underperform rating.
    • Previously: Willis, Towers Watson to merge in $18B deal (June 30)
    | Nov. 18, 2015, 8:19 AM
  • Jun. 30, 2015, 4:26 AM
    • Reinsurance group Willis (NYSE:WSH) and professional services company Towers Watson (NASDAQ:TW) have announced plans to merge in an all-stock deal valued at $18B.
    • The merger will see Willis own 50.1 % of the combined group, with Towers Watson shareholders owning the rest.
    • Towers Watson CEO John Haley will be chief executive of the new company, which will maintain its domicile in Ireland.
    | Jun. 30, 2015, 4:26 AM | 3 Comments
  • Nov. 6, 2013, 8:38 AM
    • Towers Watson (TW) completes the sale of its reinsurance brokerage business to Jardine Lloyd Thompson (LLTHY) for $250M in cash.
    • Jardine will merge its own reinsurance unit with the acquisition. The combined entity will do business as JLT Towers Re until full integration is completed in 2015.
    • The 2 companies have entered into an alliance agreement to allow clients to use Towers Watson's risk/capital management advisory services with the brokerage capabilities of JLT Towers Re.
    | Nov. 6, 2013, 8:38 AM
  • May 14, 2012, 4:50 AM

    Towers Watson & Co (TW) said yesterday it will buy Extend Health Inc, operator of the largest private Medicare exchange in the U.S., to boost its health benefits offering for employers. Towers will pay $435M, less net debt and certain transaction costs.

    | May 14, 2012, 4:50 AM
  • Dec. 12, 2011, 7:18 AM

    A unit of Willis Group Holdings (WSH) announces the acquisition of Italian insurance market specialist Broking Italia SRL for an undisclosed amount.

    | Dec. 12, 2011, 7:18 AM