Endurance commences exchange offer for Aspen at $49.50

It's courting of Aspen Insurance (AHL) repeatedly rejected, Endurance Specialty Holdings (ENH) tenders for all Aspen shares, offering $49.50 each in cash or 0.9197 Endurance shares, or a combination ($19.80 cash and 0.5518 shares).

The exchange offer expires on August 29.

ENH CEO Jon Charman: "We again call on Aspen's board and management to act in the best interests of Aspen's shareholders by engaging with us in constructive discussions regarding our increased proposal and to cease with their rhetoric and entrenchment."

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

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