(Bloomberg) -- Towers Watson & Co. postponed a shareholdermeeting on the proposed merger with insurance broker Willis GroupHoldings Plc as the consulting firm seeks to counter oppositionto the planned $8.7 billion deal.
|The meeting will be Friday in Miami Beach, Florida, rather thanWednesday, the consulting firm said in a statement distributed byBusiness Wire.
|Towers Watson shares fell 8.8% on June 30, the day the Willisdeal was announced, stoking shareholder criticism that ChiefExecutive Officer John Haley settled for too low of a bid. Proxyadvisers Institutional Shareholder Services and Glass Lewis &Co. recommended that the consulting company’s shareholders voteagainst the deal that investor Driehaus Capital Management LLC hadderided as a “takeunder.”
|“Proxies previously submitted will be voted at the reconvenedmeeting unless properly revoked,” Towers Watson said in thestatement. “Stockholders who have not already voted or wish tochange their vote are encouraged to do so."
|Related: Towers should reject $8.7 billion Willis deal,advisers say
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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