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Stock Market & Financial Investment News

News Breaks
June 17, 2014
07:14 EDTAHL, ENHAspen Insurance board rejects unsolicted exchange offer from Endurance
Aspen Insurance Holdings Limited (AHL) announced that the company’s Board of Directors, after careful consideration and discussions with its financial and legal advisors, unanimously agreed to reject the unsolicited exchange offer from Endurance Specialty Holdings Ltd. (ENH) to acquire all of the outstanding shares of Aspen for a combination of common stock and cash. The Board determined the Offer is not in the best interests of Aspen or its shareholders and recommends that Aspen shareholders reject the Offer and not tender their shares to Endurance. The Board noted that the value offered by Endurance is unchanged from the unsolicited proposal Endurance made on June 2 which Aspen’s Board thoroughly considered and rejected. Glyn Jones, Chairman of the Board of Directors, said, “The Aspen Board of Directors is unanimous in its belief that the Endurance offer significantly undervalues Aspen and fails to reflect the value of our business and strong future prospects. We are highly confident that Aspen can achieve more value for its shareholders – and without the significant risks that are inherent in a merger with Endurance – by continuing to execute its strategic business plan. “Beyond the offer’s significant undervaluation of our Company, we believe that there is a fundamental strategic mismatch between Aspen and Endurance and that a combination would create significant dis-synergies. Additionally, the 60% stock component of Endurance’s offer is highly unappealing given Endurance’s unattractive business mix, with an overreliance on the volatile, low-margin and challenged crop insurance business and a dependency on reserve releases to fuel earnings. We urge shareholders not to tender their shares into Endurance’s offer."
News For AHL;ENH From The Last 14 Days
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July 23, 2014
16:50 EDTAHLAspen Insurance sees 11% operating return on equity in FY15
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16:50 EDTAHLAspen still expects to achieve or exceed 10% operating return on equity in FY14
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16:46 EDTAHLAspen Insurance reports Q2 EPS $1.40, consensus $1.34
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July 21, 2014
07:01 EDTENH, AHLAspen issues letter urging investors to reject Endurance proposals
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July 17, 2014
10:00 EDTENHOn The Fly: Analyst Upgrade Summary
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07:36 EDTAHL, ENHEndurance Specialty upgraded to Buy from Neutral at Janney Capital
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06:28 EDTENHEndurance Specialty upgraded to Buy from Neutral at Janney Capital
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July 16, 2014
08:33 EDTENH, AHLGlass Lewis recommends Aspen Insurance shareholders reject Endurance proposals
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July 14, 2014
09:45 EDTENH, AHLEndurance Specialty says 'disappointed' with ISS report
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July 11, 2014
18:05 EDTENH, AHLProxy firm ISS, Egan-Jones reject both Endurance Specialty proposals
Aspen Insurance Holdings (AHL) noted that leading proxy advisory firms Institutional Shareholder Services and Egan-Jones Proxy Services recommend that Aspen shareholders REJECT both proposals made by Endurance Specialty (ENH) and REVOKE any authorizations submitted on such proposals by executing and returning Aspen’s BLUE revocation card. Chris O’Kane, Aspen’s CEO, said, “We are pleased that ISS and Egan-Jones agree with our position and are recommending that Aspen shareholders reject both of Endurance’s proposals. Rather than offering real value, Endurance is pursuing coercive legal tactics in an effort to buy Aspen at the lowest possible price. We urge shareholders to reject both of Endurance’s proposals.” In its recommendation, ISS noted that the proposals would cause unnecessary costs for Aspen shareholders, and Endurance shareholders, without providing equivalent benefit to Aspen shareholders. Aspen’s Board of Directors urges shareholders to REJECT both of Endurance’s proposals by promptly signing, dating and returning Aspen’s BLUE revocation card and disregarding Endurance’s white authorization card.

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