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News Breaks
February 27, 2014
06:38 EDTAON, TWAT&T picks AON retiree exchange over Towers Watson, says Deutsche
Deutsche Bank says AT&T (T) has picked AON Hewitt’s (AON) retiree exchange based on a letter from the CWA union to its retirees. Deutsche believes Towers Watson (TW) is no longer the clear leader in retiree exchanges, but points out AON Hewitt has strong existing relationships with AT&T. The firm lowered its price target for Towers Watson shares to $120 from $125 to reflect reduced estimates for exchange services and keeps a Buy rating on the stock.
News For TW;AON From The Last 14 Days
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November 23, 2015
08:04 EDTTWTowers Watson reiterates support for Willis merger to shareholders
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06:40 EDTTWWillis Group upgraded to Hold from Sell at Deutsche Bank
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November 20, 2015
08:46 EDTTWTowers Watson adjourns special stockholder meeting to December 11
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November 19, 2015
16:14 EDTAONAon plc expands Workday footprint with Workday Financial Management
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14:02 EDTTWDriehaus calls Towers Watson, Willis deal terms 'inadequate'
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09:13 EDTTWWillis Group, Towers Watson agree to amended terms for merger
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08:49 EDTTWTowers Watson to increase one-time cash dividend under amended Willis merger
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08:37 EDTTWWillis dividend would be 'reasonable compromise,' says Sterne Agee CRT
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November 18, 2015
15:02 EDTTWWillis Group to host special shareholder meeting
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14:56 EDTTWTowers Watson to host special shareholder meeting
Special Shareholder Meeting to vote on the proposed merger with Willis Group Holdings will be held in Miami Beach on November 20 at 8 am.
14:13 EDTTWWillis considering raised bid for Towers Watson, Reuters reports
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08:46 EDTTWTowers Watson says November 18 meeting adjourned to November 20
Towers Watson (TW) announced that the Special Meeting of Stockholders scheduled for Wednesday, November 18, 2015 to vote on proposals recommended by Towers Watson's board regarding its proposed merger with Willis Group Holdings (WSH) has been adjourned to November 20, 2015 at 8:00 a.m. local time and will take place at Royal Palm South Beach, 1545 Collins Avenue, Miami Beach, FL 33139. The Special Meeting of Stockholders has been adjourned until November 20, 2015 in order to provide additional time for stockholders to vote. Stockholders who have already voted do not need to recast their votes. Proxies previously submitted will be voted at the reconvened meeting unless properly revoked. Stockholders who have not already voted or wish to change their vote are encouraged to do so using the instructions provided in their voting instruction form or proxy card.
07:18 EDTTWWillis Group, Towers Watson deal poised to be rejected, says Wells Fargo
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November 13, 2015
08:01 EDTTWWillis Group to host special shareholder meeting
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08:00 EDTTWTowers Watson to host special shareholder meeting
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07:59 EDTTWWillis Group urges Willis, Towers Watson holders to support merger
Willis Group (WSH) urged its shareholders, and those of Towers Watson (TW), to vote "FOR" the proposed merger of equals between the two firms. For Willis shareholders, the proposed deal further strengthens the powerful standalone Willis value proposition. The proposed deal enables Willis shareholders to participate in the significant economic opportunity generated by the planned combination. For Towers Watson investors, the deal accelerates the firm's publicly stated long-term strategy. It delivers value to Towers Watson shareholders through clear, compelling synergies and new client opportunities. For Towers Watson shareholders, as Towers Watson has stated, the combination is expected to result in projected cash net income accretion of an estimated 45% by calendar year 2018. This transaction was unanimously agreed upon by both boards of directors. Willis will contribute 55.8% of the projected combined EBITDA in 2016 excluding synergies, is enabling a significant portion of the merger synergies through its Irish domicile, and its CEO and CFO will not hold those roles in the new company. Both Willis and Towers Watson investors will benefit from the significant incremental value the two companies expect to create together. As previously disclosed, the merger can create more than $375M in incremental annual revenue in the healthcare exchange, large market property & casualty insurance broking, and global benefits consulting business. The companies also project approximately $100M-$125M in annual cost savings and $75M in annual tax savings.
November 12, 2015
08:03 EDTTWTowers Watson urges shareholders to support Willis Group merger
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November 11, 2015
06:43 EDTTW, AONTowers Watson, Willis merger is 'highly strategic,' says Piper Jaffray
Piper Jaffray analyst George Tong calls the planned merger of Towers Watson (TW) and Willis Group (WSH) "highly strategic." The merger, scheduled to go to a shareholder vote on November 18, will drive earnings growth acceleration and valuation multiple expansion, Tong tells investors in a research note. He believes the combined company would compete more effectively against AON Corp. (AON). Tong reiterates an Overweight rating on Towers with a $152 price target.

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