Aspen Insurance Holdings says preliminary voting results show shareholders have rejected two Endurance Specialty Holdings proposals related to Endurance's unsolicited bid for Aspen.
Aspen says the results as of the close of business on July 25 shows “the overwhelming majority of Aspen shareholders participating in the consent solicitation have rejected both of Endurance's proposals.”
July 25 is the date Endurance set as its target date for voting on its proposals.
The first proposal calls for a Special General Meeting during with shareholders would consider a measure to expand Aspen's board from 12 to 19 directors, resulting in a majority of the current directors to stand for election at Aspen's 2015 annual general meeting. Endurance further asks shareholders to support its proposal for a Scheme of Arrangement, which calls for a court-ordered meeting of Aspen shareholders to directly consider and vote on Endurance's acquisition proposal.
Aspen says it estimates the number of shares rejecting both proposals “was at least two-and-a-half times as many as the number that consented.”
Aspen says it believes shareholders owning at least 76% of outstanding shares did not support the call to increase the size of Apen's board, and those holding at least 81% of outstanding shares did not support the scheme of arrangement.
“Of these amounts, shareholders holding more than 60% of Aspen's outstanding shares took action to affirmatively reject both proposals on Aspen's blue revocation card,” the company says in a statement.
An Endurance spokesperson declined to comment on Aspen's take regarding the votes, and declined to offer a reaction to Aspen's statement.
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