Aon shares had increased by 4 percent at the end of New York trading on Wednesday after the broking giant announced it had abandoned deliberations over a potential bid for Willis Towers Watson.
Aon shares were trading at $164 per share as of 5:00pm New York time.
The stock has recovered somewhat after closing down 7.8 percent yesterday. Aon’s share price had plunged following the announcement the broker was at an early stage of considering a Willis bid. It released the statement following a Bloomberg report.
Meanwhile, Willis shares fell by more than 6.1 percent come the close of trading in New York on Wednesday. Willis shares were trading at $170.88 at 5:00pm New York time. Yesterday, Willis shares had closed up 5.2 percent.
In its statement earlier on Wednesday, Aon said it had no intention of moving forward with a potential deal.
“Aon had considered such a possibility with regard to Willis Towers Watson,” it said. “News of that consideration subsequently became public and Aon was required to issue a statement because Willis Towers Watson is an Irish company and is subject to Irish regulatory requirements.”
It continued: “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.”