New User:

-or-
Username:
Password:
Forgot your password?

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
Check below for free stories on AHL;ENH the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
August 14, 2014
17:00 EDTAHLGreenlight Capital gives quarterly update on stakes
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use