(Bloomberg) -- Endurance Specialty Holdings Ltd. is pushing to shake up the board of Aspen Insurance Holdings Ltd. after the directors rejected a $3.2 billion takeover offer.
Endurance raised its offer to as much as $49.50 a share from $47.50 and will push for a special meeting to increase the size of Aspen’s board to 19 from 12, the bidder said in a statement today. That would mean the majority of seats would be up for election in 2015, Endurance said. Aspen closed at $39.37 on the last day before the initial offer was announced.
Aspen has spurned Endurance, saying the would-be buyer has no experience making large transactions and that the two Bermuda-based insurers wouldn’t be a good match. Endurance has said its crop coverage would complement Aspen’s offerings in the Lloyd’s of London market.
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