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Fly News Breaks for July 2, 2015
WSH, TW
Jul 2, 2015 | 06:44 EDT
Piper Jaffray says its analysis on the Towers Watson (TW), Willis Group (WSH) merger indicates investors are underestimating the value creation arising from the deal given its complicated structuring. Piper calculates equity value per Towers share of $152 being offered to existing shareholders in the transaction, and that the deal should generate 2016 earnings accretion of 18% to Towers holders. The firm lowered its price target for Towers shares to $152 from $157 and keeps an Overweight rating on the name.
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