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Endurance ends $3.2 billion hostile bid for Aspen Insurance

Late Wednesday, Endurance Specialty Holdings terminated its offer to buy Aspen Insurance Holdings after the target company rebuffed the hostile bid.

By Noah Buhayar | Updated on July 30, 2014
July 30 (Bloomberg) – Endurance Specialty Holdings Ltd. terminated its offer to buy Aspen Insurance Holdings Ltd. after the target company rebuffed the hostile bid.

“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.

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