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Stock Market & Financial Investment News

News Breaks
December 17, 2012
08:39 EDTENHEndurance appoints Catherine A. Kalaydjian as Chief Administrative Officer
Endurance Specialty announced that Catherine A. Kalaydjian will, in addition to her current responsibilities as Chief Claims Officer, be promoted to the role of Chief Administrative Officer and assume responsibility for Human Resources, Marketing and Communications and Facilities.
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April 17, 2014
12:54 EDTENHEndurance Specialty CFO comments on Aspen's poison pill adoption
Endurance Specialty Holdings (ENH) commented on Aspen Insurance's (AHL) adoption of a poison pill "shareholder rights plan" in response to Endurance's April 14 proposal to acquire all of the common shares of Aspen for $3.2B, or $47.50 per Aspen share, with a combination of cash and Endurance common shares. Michael J. McGuire, CFO of Endurance, said: "At a time when the Aspen board should be seriously considering an opportunity to deliver significant value to its shareholders, it is instead focused on blocking them from receiving that value and on taking actions to entrench themselves. This is not a surprise given the lack of alignment and clear disdain Aspen's Board has shown for its shareholders in summarily rejecting our proposal without any discussion whatsoever. A poison pill is a well documented defensive step typically taken by an entrenched board of directors. It's interesting Aspen's Board adopted a poison pill that divides their shareholders into different categories - good and bad, passive and active - a division that is currently the subject of litigation in an unrelated situation. As if it weren't clear before, Aspen shareholders now have further evidence of their Board's deliberate actions to prevent them from receiving attractive value for a strategically sound acquisition. We remain fully committed to delivering our highly attractive premium offer to Aspen shareholders," McGuire concluded.
April 14, 2014
16:11 EDTENHBarclays upgrades Aspen Insurance, sees start of reinsurance consolidation cycle
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14:20 EDTENHEndurance Chairman says willing to invest $25M of own funds in Aspen transaction
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14:18 EDTENHEndurance Specialty expects Aspen holders to recognize value of proposed deal
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12:26 EDTENHOn The Fly: Midday Wrap
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10:41 EDTENHAspen rejects offer from Endurance, sees no purpose in meeting
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10:24 EDTENHAspen Insurance jumps after receiving buyout proposal
Shares of Aspen Insurance (AHL) are rising after a peer in the insurance and reinsurance industry, Endurance Specialty (ENH), offered to buy the company. WHAT'S NEW: Endurance Specialty announced that it had sent a takeover proposal to Aspen, offering to buy the company for $3.2B, or $47.50 per share. Endurance offered Aspen shareholders the right to receive, at their election, all cash, all Endurance common shares, or a combination of cash and Endurance common shares in exchange for their stake in Aspen. Endurance, which said the cash consideration to be offered will be funded from cash resources and $1.05B of newly issued common shares to investors, argues that the combined company would be a global leader in specialty insurance and reinsurance with increased scale, market presence, diversification and profit potential and over $5 billion of combined annual gross premiums written. PRICE ACTION: In early trading, Aspen climbed $6.01, or 15.27%, to $45.38 and Endurance Specialty fell 2.95% to $52.23 before shares of both companies were halted for trading around 10 am ET. Other reinsurers rose, with Montpelier Re (MRH) advancing 2.2% to $29.94, Platinum Underwriters (PTP) gaining 1% to $60, and Validus (VR) adding 0.8% to $37.59.
10:07 EDTENHEndurance Specialty trading halted, pending news
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08:38 EDTENHEndurance Specialty offers to buy Aspen Insurance for $3.2B, or $47.50 per share
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08:34 EDTENHEndurance Specialty proposes to acquire Aspen Insurance for $47.50 per share

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