Ashleigh Rogers
Long/short equity, growth at reasonable price, value, banks

Aspen Holdings Turns Down A Buyout Offer: Now What?

Recently Endurance Holdings (NYSE:ENH) announced that they were making a hostile offer for Aspen Holdings (NYSE:AHL). I have written about both reinsurers before, and while I like Aspen better for a variety of reasons (read my past articles on the name), Endurance is also a fine company. As part of the hostile offer, Aspen shareholders can choose either $47.50 a share in cash or 0.8826 Endurance shares per Aspen share. This represents about 1.16X CY2013 book value for Aspen, so it's a reasonable though not spectacular valuation. That said, let's face it - this is insurance we're talking about - premiums are never huge. If you are looking for stocks that might get a buyout at...

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