Staff wit files from the Wall Street Journal
Willis urges shareholders to vote for Tower Watson merger | Canadian Insurance

Willis urges shareholders to vote for Tower Watson merger

Last week, ISS recommended Towers Watson stockholders reject the deal

Willis urged shareholders to vote for the proposed merger between itself and Towers Watson.

Last week, Institutional Shareholder Services recommended Willis shareholders vote for the deal but Towers Watson shareholders reject it. The ISS says the $18 billion price is too low considering Towers Watson’s strong finances and growth prospects, the Wall Street Journal reported, and also pointed out the firm exclusively bargained with Willis.

Willis “would also like to refute ISS’ claim that, ‘Willis may have more riding on the approval of this transaction than Towers,’” the UK broker said in a statement. “As we displayed this past quarter, we expect to continue to achieve strong growth coupled with significant margin improvement as a result of our operational improvement program. We remain highly confident in our standalone plan and believe we are positioned for several years of strong earnings growth.”

“Shareholders should support this deal as it will drive value creation and accretion to earnings,” CEO Dominic Casserley said in the statement.

Shareholders are due to vote on November 18.