Endurance boosts Aspen offer to $49.50 per share; Aspen rejects

The new offer is $2 per share higher than the one rejected by Aspen Insurance (AHL) in April, and values the company at $3.2B. It also represents 1.16x Aspen's March 31 book value.

The boosted offer was made privately to Aspen's board in early May and the board has rejected it.

Endurance (ENH) CEO John Charman says discussions with Aspen shareholders shows broad support for the deal, but Aspen's board and management "have refused to engage with us in any manner whatsoever ... We will not be deterred by an entrenched board and management that refuse to engage productively on the merits of our compelling proposal."

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