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No. of Recommendations: 1
It appears that what is happening here is that TW is really acquiring WSH. They make their resulting stake under 50% on paper so they can get tax breaks. TW management remains in charge. Reminds me of Merck-Schering Plough where SGP took over Merck on paper but the name of the resulting company was Merck. All the Merck people still in charge.

WSH has had their issues, latest earnings weak. Looks like TW thinks they can turn them around and get more exposure to insurance in Europe, expand client base. WSH is also in process of taking over a French insurance broker, Gras Savoye. ($590 MM deal)

TW has been a great investment for me and I had pretty high respect for their mgt. but this looks questionable.

Anyone have experience in signing on with one of the law firms challenging the deal? I have also avoided doing that in the past. Not sure if there is anything really to gain.

My positions here are significantly larger for my personal accounts.


sw
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