Aspen Insurance Holdings Limit Receives offer from Endurance Specialty Holdings to be acquired at $47.50/shr; valued at $3.2B in cash and stock
- Each Aspen shareholder will have the right to receive for their Aspen shares, at their election: all cash ($47.50 per Aspen share); all Endurance common shares (0.8826 Endurance shares for each Aspen share); or a combination of cash and Endurance common shares. The election will be subject to a customary proration mechanism to achieve an aggregate consideration mix of 40% cash and 60% Endurance common shares.
- Endurance expects the combined company to generate synergies exceeding $100 million annually, resulting in significant ROE and EPS accretion in 2015. These synergies will include cost savings, underwriting improvements, capital efficiencies and enhanced capital management opportunities. - Endurance: "Despite our repeated attempts since late January to engage in confidential and friendly discussions, Aspen's Board and management have rebuffed our proposal and refused to engage with us, thereby denying Aspen's shareholders the ability to understand and attain the clear financial, operational and strategic benefits of this transaction. We are fully committed to this transaction and are confident that Aspen's shareholders will recognize the value of our proposal and actively encourage their Board to begin constructive discussions with Endurance without delay, with the goal of reaching a negotiated transaction,"