Early last week and late the week before, Aspen Insurance Holdings sent a pair of letters to its shareholders asking them to reject overtures from Endurance Specialty Holdings.
The letters, signed by Chairman Glyn Jones and CEO Chris O'Kane, came shortly after a letter Endurance sent to Aspen's shareholders asking them to support two proposals that would pave the way for a vote on Endurance's bid for Aspen.
Aspen's letters essentially restate the arguments the board and CEO have made in the past: that Endurance's offer is not what it seems, that the two companies are not a good fit and that Aspen is executing on a plan that will deliver superior value for shareholders. It further asks shareholders to sign and date blue revocation cards, signifying their opposition to Endurance's proposals.
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