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Aspen keeps pressure on shareholders to reject Endurance takeover bid

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Aspen Insurance Holdings Ltd. Monday sent a letter to shareholders again urging them to reject the unsolicited $3.2 billion offer made for the company by Pembroke, Bermuda-based Endurance Specialty Holdings Ltd.

Hamilton, Bermuda-based Aspen's letter is the latest salvo in a war of words which has percolated since mid-April when Endurance first took its offer public after initially approaching Aspen as early as mid-February.

“Endurance Specialty Holdings Ltd. continues to pursue its inadequate offer for your company,” began the letter signed by Chris O'Kane, Aspen CEO, who spoke candidly to Business Insurance in May about his rationale for rejecting the Endurance offer.

Mr. O'Kane told shareholders in Monday's letter that the offer made by Endurance has become weaker “… as a result of Aspen's strong operating results and increasing book value,” and repeated the claim that Endurance's stock, which comprises 60% of the takeover offer, “… is a highly unattractive currency …” given Endurance's earnings and dependency on reserve releases.

Just last week, Barclays P.L.C. published a research note asserting that Endurance would not succeed in its takeover attempt of Aspen.