Driehaus Capital Management Reacts to Towers Watson Shareholder Approval of the Willis Group Holdings Transaction

Dec 11, 2015, 13:11 ET from Driehaus Capital Management

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.


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


SOURCE Driehaus Capital Management