The $18bn merger plan of Towers Watson and Willis Group continues to cause controversy with investors, as we highlighted in July. Now Driehaus Capital Management, which owns a 1% stake in Towers Watson, is lobbying against the pending merger, as the company believes that Towers Watson is worth at least 39% more as a standalone company than by combining with Willis. In its Monday letter, Chicago-based Driehaus said that it intends to vote the 697,000 Towers Watson shares owned by the Driehaus funds against the proposed $18 billion transaction because it believes maintaining Towers Watson as a stand-alone company benefits its shareholders. In its latest report, Tower Watson’s chief executive officer said he was “very concerned” about the potential merger. A spokesman for Towers Watson says it is committed to the merger, and confident it will go ahead.
The $18bn merger plan of Towers Watson and Willis Group continues to cause controversy with investors, as we highlighted in July. Now Driehaus Capital Management, which owns a 1% stake in Towers Watson, is lobbying against the pending merger, as the company believes that Towers Watson is worth at least 39% more as a standalone company than by combining with Willis. In its latest report, Tower Watson’s chief executive officer said he was “very concerned” about the potential merger. A spokesman for Towers Watson says it is committed to the merger, and confident it will go ahead.