towers perrin

Shares of Watson Wyatt Worldwide Inc. tumbled more than 7 percent in afternoon trading Monday after a Citi Investment Research analyst downgraded the stock to "Hold" from "Buy," citing short-term concerns about the management consulting firm's proposed combination with competitor Towers, Perrin, Forster & Crosby Inc.

• This weekend, Towers, Perrin, Forster & Crosby, Inc. and Watson Wyatt Worldwide, Inc. (NYSE: WW) announced a merger of equals to form a new, publicly listed company called Towers Watson & Co., with an implied equity value of the transaction of approximately $3.5 billion.
  
  The merger will create one of the world's largest employee-benefits consultancy. Watson Wyatt CEO John Haley will serve the combined company as CEO and Towers Perrin CEO Mark Mactas will serve as President.
  
  The companies see increased profitability through operating synergies.

The management consulting firms Towers, Perrin, Forster & Crosby and Watson Wyatt Worldwide said that they would merge in an all-stock deal valued at $3.5 billion.