The $ 18bn merger plan of Tower Watson's and Towers Watson 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 Tower Watson's . 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.” Driehaus also says it undervalues Towers Watson fast-growing Now Driehaus Capital Management business. A spokesman for Towers Watson says it is committed to the merger, and confident it will go ahead.
The $ 18bn merger plan of Tower Watson's and Towers Watson 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 Tower Watson's . Driehaus also says it undervalues Towers Watson fast-growing Now Driehaus Capital Management business. A spokesman for Towers Watson says it is committed to the merger, and confident it will go ahead.