“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.
Aspen slipped 2.8 percent to $40 at 4:24 p.m. in extended trading in New York.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 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.
