Endurance offers to buy Aspen Insurance for $3.2bn


Pembroke, Bermuda - Endurance Specialty Holdings says it has proposed to buy Aspen Insurance Holdings in a deal worth about $3.2 billion after being snubbed by the fellow insurance company.

Endurance says Aspen's board and management have refused to discuss the possible acquisition since January.

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Representatives from Aspen did not immediately respond to a request for comment.

Endurance told Aspen's board of directors that it's offering $47.50 for each share of the company.

That's a nearly 21 percent increase from Aspen's closing price of $39.37 on Friday.

For each Aspen share, shareholders can select cash, 0.8826 of an Endurance share or a combination.

In morning trading, Aspen shares are up $6.03, or 15.3 percent, to $45.40.

Endurance shares slipped $1.42, or 2.6 percent, to $52.40.

Both insurance companies are based in Bermuda. - Sapa-AP

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