(Bloomberg) -- Endurance Specialty Holdings Ltd., the Bermuda-based provider of property and casualty insurance, announced a $3.2 billion offer to buy Aspen Insurance Holdings Ltd. after the target company turned down its proposal.
Endurance offered to pay $47.50 per share, 21 percent more than the April 11 closing price of $39.37, the company said today in a statement.
“Despite our repeated attempts since late January to engage in confidential and friendly discussions, Aspen’s board and management have rebuffed our proposal,” Endurance said. The refusal to hold discussions denies Aspen’s shareholders “the ability to understand and attain the clear financial, operational and strategic benefits of this transaction,” Endurance said.
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