Towers Watson shareholders are again being urged to vote against the proposed merger with Willis Group by proxy adviser company Glass Lewis and Co.
It comes after a move earlier this week (30 November) to appease shareholders, offering them $10 (£6.60) per Towers Watson share, an increase that more than doubled the previous offer of $4.87 (£3.22).
According to Bloomberg, the advisory firm's report said the relatively small increase in the special cash dividend was an "insufficient improvement" and the deal remained "inappropriately structured".
Last month Glass Lewis and another advisory firm Institutional Shareholder Services recommended shareholders should also dismiss an earlier offer.
The proposed merger was first floated on 30 June this year, with Towers Watson shareholders to own 49.9% and Willis shareholders 50.1% of the venture.
Towers Watson was valued at approximately $8.7bn (£5.7bn).
A special meeting of Towers Watson shareholders is scheduled for 11 December.
Further reading
Willis offers £118m merger sweetener to Towers Watson
Willis Group buys PMI Health Group in bid to expand UK business
