Aspen rejects Endurance takeover bid

Earlier, Endurance Specialty Holdings (ENH -3.2%) went public with a hostile $47.50 (cash and stock) per share bid for Aspen Insurance Holdings (AHL +15.3%) after weeks of fruitlessly courting Aspen management.

Aspen Chairman Glyn Jones: "Endurance's ill-conceived proposal undervalues our company, represents a strategic mismatch, carries significant execution risk, and would result in substantial dis-synergies. Furthermore, most of the consideration to Aspen shareholders would be in a stock that would reflect these problems."

Both stocks are currently under trading halt.

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