Gillian Tan, Columnist

Towers Watson's Odd Choice of Words

Why is the consulting firm taking a "best and final" stance on its own takeover price?

December 9, 2015 at 7:35 PM UTC

Gillian Tan is a senior reporter covering finance and alternative asset classes including real estate, infrastructure, private equity, private credit, venture capital and sports business. She previously wrote an opinion column for Bloomberg and was a reporter at the Wall Street Journal. She is a qualified chartered accountant.

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In M&A, just like in property auctions, "best and final" offers are traditionally made by the buyer.

Instead it was Towers Watson, the consulting firm that is effectively being acquired by Willis Group in a "merger of equals," that urged shareholders to vote in favor of the transaction, saying Friday: "The terms of the revised agreement with Willis represent the best and final offer for Towers Watson stockholders."