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Stock Market & Financial Investment News

News Breaks
June 17, 2014
07:14 EDTENH, AHLAspen 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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June 26, 2015
15:09 EDTENHMontpelier Re to host special shareholder meeting
Special Shareholder Meeting to vote upon a proposal to approve the previously announced merger with Endurance Specialty Holdings (ENH) will be held in Pembroke, Bermuda on June 30 at 9:30 am.
15:07 EDTENHEndurance Specialty to host special shareholder meeting
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June 19, 2015
09:26 EDTENHMontpelier Re declares specal dividend in connection with proposed acquisition
Montpelier Re Holdings Ltd. (MRH) announced that its Board of Directors has declared, subject to certain conditions, the previously announced special dividend of $9.89 per common share in connection with its pending acquisition by Endurance Specialty Holdings Ltd. (ENH) The special dividend would be payable prior to the effective time of the Merger on the closing date of the Merger to Montpelier shareholders of record at the close of business on the last business day prior to the Closing Date. The special dividend is contingent upon the satisfaction of various Merger closing conditions, including the approval of the Merger by the requisite vote of Montpelier common shareholders and the approval of the Endurance share issuance associated with the Merger by the requisite vote of Endurance ordinary shareholders. Montpelier and Endurance have each scheduled special general meetings of their respective shareholders for June 30 to consider and vote upon matters related to the Merger. There can be no assurance that the Closing Date will occur or that the special dividend will be paid.

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