CHICAGO, Dec. 11, 2015 /PRNewswire/ -- Driehaus
Capital Management, a Chicago-based investment adviser of funds that
own 1,515,814 shares of Towers Watson & Company (NASDAQ: TW),
issued the following open letter to TW shareholders:
Fellow Shareholders,
As stated in our prior letter (dated November 19, 2015), we do not believe that this
transaction provides sufficient value to Towers Watson
shareholders—even with the improved terms offered on November 19. Accordingly, we voted against the
transaction this morning.
It is now clear that this transaction will proceed. Despite this
result, we believe that our letters to shareholders were still
worth writing. Towers Watson
shareholders will receive $5.13 more
per share than they would have under the initial terms and a
spotlight has rightfully been shone on the importance of valuation
and process.
We do plan on maintaining a position in the combined company. We
hope that management has learned from this experience. We expect
them to deliver the extraordinary value promised in their ardent
defense of the Willis transaction.
Thank you all for taking the time to read our letters over the
last few months. We hope that we haven't bored you more than would
be expected. Have a wonderful December and a Happy New Year.
Sincerely,
K.C.
Nelson
|
Matthew
Schoenfeld
|
Portfolio Manager,
Alternative Strategies
|
Assistant Portfolio
Manager
|
Driehaus Capital
Management LLC
|
Driehaus Capital
Management LLC
|
About Driehaus Capital Management
Driehaus Capital Management LLC is a privately-held, independent
investment adviser with $9.5 billion
in assets under management as of November
30, 2015. The firm manages global, emerging markets, and US
growth equity, hedged equity, and alternative investment
strategies. Founded in 1982 by Richard H.
Driehaus, the firm serves a diverse institutional client
base comprised of corporate and public pensions, endowments,
foundations, sub-advisory, financial advisors and family offices,
globally.
For more information, please visit www.driehaus.com.
This material is for general informational purposes only and is
not intended to be relied upon as investment advice. The opinions
expressed are those of Driehaus Capital Management LLC ("Driehaus")
as of December 11, 2015 and are
subject to change at any time due to changes in market or economic
conditions.
The information and opinions contained in this material are
derived from proprietary and non-proprietary sources deemed by
Driehaus to be reliable and are not necessarily all inclusive.
Driehaus does not guarantee the accuracy or completeness of this
information. There is no guarantee that any forecasts made will
come to pass. Reliance upon information in this material is at the
sole discretion of the reader.
Driehaus is the investment adviser for clients that own
1,515,814 shares of Towers Watson & Co. (TW) and have sold
short shares of Willis Group Holdings plc (WSH) as of December 10, 2015. Holdings are subject to
change, and Driehaus may buy shares of TW or WSH or sell, including
sell short, shares of TW or WSH at any time. The discussion of
securities should not be viewed as a recommendation to buy, sell or
hold any particular security.
Media Contact:
Bradley Dawson
Vice President, Marketing and Product Development
312.587.3844
bdawson@driehaus.com
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SOURCE Driehaus Capital Management