Aon announced it is abandoning its US$23.5 billion takeover attempt of Willis Towers Watson.
Bloomberg reported the possibility of a deal early Tuesday, March 5, forcing Aon to disclose its interest. Because Willis is an Irish company, Aon was required to publicly announce its intentions under Irish takeover regulations that kick in once media reports surface.
“As a result of media speculation, those regulations required Aon to make the disclosure at a very early stage in the consideration of a potential all-share business combination,” Aon stated Tuesday.
One day later, Aon disclosed in a second press release that it was no longer pursuing the transaction. “Aon today confirms that it does not intend to pursue this business combination,” the company stated.
Full Content: Wall Street Journal
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