Corroon & Black Rejects Offer: The New...
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From Times Staff and Wire Reports
Corroon & Black Rejects Offer: The New York-based insurance broker rejected an unsolicited $840-million cash takeover offer from Aon Corp. of Chicago, and reaffirmed its plan to merge with Britain’s Willis Faber PLC. Corroon said its stock swap merger with Willis Faber, valued at about $703 million, or $33.50 a share, will offer shareholders a stake in one of the world’s four largest insurance brokerage firms. Corroon shares fell 32.5 cents to close at $35.50 on the NYSE.
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