Institutional investors of the former Towers Watson & Co. have challenged the company’s $18 billion merger with Willis Group Holdings PLC, which created Willis Towers Watson. The institutions filed petitions in the Delaware Chancery Court seeking appraisal of the value of their stock.

Merion Capital LP, Merion Capital II LP and Rangeley Capital LLC, which combined owned roughly 1.2 million Towers Watson shares, seek to exercise their right under Delaware law to have the Chancery Court determine the actual value of their shares.

The petitioners’ attorneys include David J. Margules and Elizabeth A. Sloan of Ballard Spahr LLP.

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