Aon Drops Bid for Corroon & Black:...
From Times Staff and Wire Reports
Aon Drops Bid for Corroon & Black: Aon Corp. withdrew its unsolicited $840-million bid for fellow insurer Corroon & Black Corp. after its target spurned the cash offer this week. The move allows Corroon & Black and the British insurance firm Willis Faber PLC to proceed with a proposed stock-swap merger, a deal valued at more than $750 million. Aon, the holding company for the brokerage Rollins Burdick Hunter Group Inc., offered last week to buy Corroon & Black for $40 a share in cash, or about $840 million. Corroon & Black stock fell $1.625 to $29.25 a share on the New York Stock Exchange after Aon’s announcement.
