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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.

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