Endurance Terminates Offer To Acquire Aspen

Following weeks of exchanges between the two Bermuda-based re/insurers, Endurance Specialty Holdings Ltd. today [July 30] confirmed that it has terminated its offer to acquire Aspen Insurance Holdings Limited.

In connection with the termination of its acquisition offer, Endurance will not be pursuing its board size increase and scheme of arrangement proposals.

John Charman, Chairman and Chief Executive Officer of Endurance, commented: “We appreciate the support of those Aspen shareholders who voted for Endurance’s proposals. The votes of support for both of our proposals exceeded our stated thresholds.

“However, we believe the current Bermuda corporate governance laws, Aspen’s focus on defensive self-preservation tactics rather than value creation and the unwillingness of Aspen’s shareholders to take a stand, make it impractical at this time for Aspen shareholders to realize the compelling value of our offer, which as of the close of trading last Friday was equal to $49.60 per Aspen common share.”

“While the strategic and financial benefits of Endurance’s proposed transaction are plainly evident, our management and Board of Directors recognize the importance of being responsible custodians of our own shareholders’ capital.

“As we have for the past year, we will continue to focus on the successful execution of our business plan and the accretion of value for our shareholders,” Mr. Charman concluded.

The exchange offer was previously scheduled to expire on August 29, 2014. Endurance said they have instructed the exchange agent for the exchange offer to promptly return all Aspen common shares to tendering shareholders.

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