The $ 18bn merger plan of Towers Watson and Willis Corporation continues to cause controversy with investors , as we highlighted in July . In addition, Driehaus said that “the offer was made at a 9% discount, representing a 'takeunder'; Towers Watson is the only U.S. target this year not to receive a premium”, and that the “proposal ignores Towers Watson's superior growth prospects and market valuation and implies a significant enterprise value premium for Willis Group despite Willis Holdings Group's material operational challenges.” 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 . Driehaus also says it undervalues Tower Watson 's fast - growing OneExchange business . 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 Corporation 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 . Driehaus also says it undervalues Tower Watson 's fast - growing OneExchange business . A spokesman for Towers Watson says it is committed to the merger , and confident it will go ahead .