Towers Watson delays vote on $8.7 billion deal amid opposition

November 18, 2015 at 06:08 AM

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(Bloomberg) — Towers Watson & Co. (NYSE:TW) postponed a shareholder meeting on the proposed merger with insurance broker Willis Group Holdings PLC (NYSE:WSH) as the consulting firm seeks to counter opposition to the planned $8.7 billion deal.

The meeting will be Friday in Miami Beach, Fla., rather than Wednesday, the consulting firm said in a statement distributed by Business Wire.

Towers Watson shares fell 8.8 percent on June 30, the day the Willis deal was announced, stoking shareholder criticism that Chief Executive Officer John Haley settled for too low of a bid.

Proxy advisers Institutional Shareholder Services and Glass Lewis & Co. recommended that the consulting company's shareholders vote against the deal that investor Driehaus Capital Management LLC had derided as a "takeunder."

"Proxies previously submitted will be voted at the reconvened meeting unless properly revoked," Towers Watson said in the statement. "Stockholders who have not already voted or wish to change their vote are encouraged to do so."

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