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Stock Market & Financial Investment News

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June 9, 2014
07:13 EDTENH, AHLEndurance Specialty commences offer to acquire all Aspen common shares
Endurance Specialty (ENH) commenced an exchange offer for all of the outstanding common shares of Aspen Insurance (AHL). Under the terms of the exchange offer, each holder of Aspen common shares will have the right to receive for their Aspen common shares, at their election, all cash, or $49.50 for each Aspen share, all Endurance common shares, or a combination of cash and Endurance common shares, 0.5518 Endurance common shares and $19.80 in cash for each Aspen share. The election will be subject to a customary proration mechanism to achieve an aggregate consideration mix of 40% cash and 60% Endurance common shares. The terms and conditions of the Exchange Offer are set forth in the offering documents that Endurance is filing with the Securities and Exchange Commission. The Exchange Offer will expire on August 29. Endurance commenced the exchange offer in connection with Endurance's increased proposal to acquire Aspen announced on June 2, which increased the consideration from $47.50 to $49.50 per Aspen common share.
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