Endurance Specialty Holdings (ENH) Commences Exchange Offer for Aspen Insurance (AHL)
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Aspen Insurance (AHL) Rejects Offer from Endurance (ENH)
June 17, 2014 7:14 AM EDTAspen Insurance (NYSE: AHL) announced that the Companys Board of Directors, after careful consideration and discussions with its financial and legal advisors, unanimously agreed to reject the unsolicited exchange offer from Endurance Specialty Holdings Ltd. (Endurance) (NYSE: ENH) to acquire all of the outstanding shares of Aspen for a combination of common stock and cash (the Offer). The Board determined the Offer is not in the best interests of Aspen or its shareholders and recommends that Aspen shareholders reject the Offer and not tender their shares to Endurance.... More
Aspen Insurance (AHL) Affirms Endurance Exchange Offer
June 9, 2014 9:26 AM EDTAspen Insurance Holdings Limited (Aspen) (NYSE: AHL) confirmed today that Endurance Specialty Holdings Ltd. (Endurance) (NYSE: ENH) has commenced an unsolicited exchange offer to acquire all outstanding shares of Aspen for a combination of common stock and cash.
On June 2, Aspen announced that its directors had unanimously rejected an unsolicited proposal from Endurance with identical terms, noting that the proposal grossly undervalued Aspen, represented a strategic mismatch and, based on conversations with major clients and brokers, would result in significant dis-synergies. Moreover, the... More
