Aspen rejects latest move by Endurance

|About: Endurance Specialty Hold... (ENH)|By:, SA News Editor

No surprise here: "[The board] unanimously agreed to reject the unsolicited exchange offer from Endurance Specialty Holdings (ENH) to acquire all of the outstanding shares of Aspen (AHL) for a combination of common stock and cash."

Board Chairman Glyn Jones says not only does the offer significantly undervalue Aspen, but there is a "fundamental strategic mismatch" between the two companies.

In a presentation put up on its website, Aspen puts forward its 3-point plan for creating shareholder value: 1) Optimization of business portfolio; 2) More buybacks; 3) Enhancing investor returns.

Previously: Endurance commences exchange offer for Aspen at $49.50