Aon is abandoning its $24 billion takeover attempt of Willis Towers (AON, WLTW)

The US Bank Tower and the AON Corporation building are pictured as part of the Los Angeles, California skyline February 9, 2012. REUTERS/Fred Prouser Thomson Reuters

  • Aon is abandoning its potential transaction with Willis Towers Watson.
  • The preliminary transaction would have been an all-share deal valuing Willis at $24 billion.
  • Media reports of a potenital transaction forced Aon to disclose its interest due to regulations.
  • Watch Aon and Willis Towers Watson trade live.

In a quick reversal, Aon is abandoning its $23.5 billion takeover attempt of Willis Towers Watson. 

Bloomberg reported the possibility of a deal early Tuesday, forcing Aon to disclose its interest. Because Willis is an Irish company, Aon was required to make a public announcement of its intentions due to Irish takeover regulations once media reports surfaced.

“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 in its Tuesday press release.

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 said.

After calling off the all-share deal Wednesday, stock prices from both companies returned to preannouncement levels. Willis Tower shares were trading down 5% and Aon was up 6%. 

Aon and Willis are two of the largest traded insurance brokers, which connect buyers and sellers of insurance. Research analysts indicated that any potential transaction may face regulatory issues given the market share of both companies.

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