July 30 (Bloomberg) – Endurance Specialty Holdings Ltd. terminated its offer to buy Aspen Insurance Holdings Ltd. after the target company rebuffed the hostile bid.

“Aspen’s focus on defensive self-preservation tactics rather than value creation” made the offer impractical, Endurance Chairman John Charman said in a statement today. Endurance had offered about $3.2 billion in cash and stock, based on its share price on June 2, when the company made its second bid.

The withdrawal is a victory for Aspen Chairman Glyn Jones who worked to fend off the bid and urged his shareholders to reject proposals from Endurance to shake up his board. The target company said last week that its investors opposed Endurance’s plans to increase the size of Aspen’s board to 19 from 12 to ease a takeover.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.