This revised offer was approved by Towers Watson shareholders on 11 December 2015. This rejection led to Willis Group increasing its special cash dividend for Towers Watson shareholders to USD $10 per share. On 18 November 2015, the board of Towers Watson failed to get enough investor support for the deal, with only 40% of shareholders voting in favor of the proposed merger with Willis Group. It was also reported that Towers Watson CEO John Haley had disposed of his shares in the company in early March 2015 while the merger negotiations were ongoing. Driehaus argued that Towers Watson was worth between 39% and 53% more as a standalone company than by merging with Willis Group. In an open letter, investment adviser Driehaus Capital Management urged Towers Watson shareholders to vote against a proposed merger. The deal also gave Willis Group shareholders more control despite the company having a lower market capitalization compared to Towers Watson. The revised offer in November increased the value to $130.26 per share, which was still lower than the trading price of Towers Watson shares at the time of the announcement. This value was 9.3% lower than the trading price of Towers Watson's stock was at the time of the announcement of the deal. Criticism Ĭritics of the deal pointed out that the original offer would not be beneficial to Towers Watson shareholders as they would receive a package of shares and a special cash dividend that is valued at $125.13 per share. Willis Group exercised its right to acquire the remainder of Gras Savoye and agreed to purchase 85% of Miller, the leading London independent wholesale insurance broker. Later in 2015, the company moved its domicile to Virginia in the US and delisted from the NYSE and relisted on the NASDAQ. Willis Towers Watson would maintain its domicile in Ireland and list on the New York Stock Exchange. The companies announced the merger on J in a deal valued at $18 billion. WTW changed its Nasdaq stock ticker symbol from "WLTW" to "WTW" effective January 10, 2022. Towers Watson was formed as a merger between Towers Perrin and Watson Wyatt in 2009. The former Willis Towers Watson formed as a merger of equals between London based Willis Group and Arlington based Towers Watson.
WILLIS TOWER PRICE CODE
It joined the Hedge Fund Standards Board and follows the voluntary code of standards of best practice endorsed by its members. WTW operates in more than 140 countries and has a workforce of more than 40,000 employees. The company was founded in 2016, following a merger of the Willis Group and Towers Watson. At the time, it ranked as the largest private-equity deal ever.Willis Towers Watson Public Limited Company, branded as WTW and stylised in its logo as wtw, is a British-American multinational company providing insurance services. Blackstone spent $39 billion on that portfolio. The company in 2007 purchased a portfolio of properties gathered by Chicago real estate icon Sam Zell. “We see great potential in further improving both the building’s retail operations and the tourist experience for one of the most popular destination for visitors to Chicago.”īlackstone is no stranger to the Chicago real estate market. “We are bullish on Chicago as companies expand within and move into the city and look for first-class office space,” Werner said in a written statement. Jacob Werner, managing director in Blackstone’s real estate group, said that the move made sense for his company largely because of the strength of the Chicago commercial real estate market.
WILLIS TOWER PRICE UPGRADE
Blackstone plans to spend money to upgrade the building’s observation deck and retail areas. Joseph Chetrit and Joseph Moinian, both based in New York City, and Skokie, Ill.-based American Landmark Properties, spent $841 million for the then-Sears Tower in 2004.īlackstone told the Wall Street Journal that the goal now is to make the Willis Tower an even greater draw for tourists. The transaction also brings a solid profits to the sellers. This is a significant transaction: The Wall Street Journal reported that the sales price is the highest for any office buiding in the United States not in Manhattan. Blackstone Group LP has agreed to purchase the tower for $1.3 billion. The Willis Tower - which Chicago residents still refer to as the Sears Tower - will soon be getting a new owner.
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