Beazley Drops Bid for Rival Hardy
Beazley, the Lloyd’s of London insurer, today [Dec 14] said it has given up its attempt to acquire Hardy Underwriting Bermuda after having their third bid [$287 million] rejected.
In a brief statement today, Beazley said it had submitted a final offer of up to 350 pence per share for Hardy, however Hardy said it would only consider an offer substantially above this level.
Beazley had originally offered 300 pence per share for Hardy in October 2010, later raised it to 330 pence in November 2010, and submitted the final 350 pence proposal this month.
Bloomberg said “Hardy fell as much as 11 percent in London trading and was down 4.3 percent at 270 pence as of 10:09 a.m. Beazley advanced 0.6 percent to 114.5 pence.”
