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Aspen rejects latest move by Endurance

  • 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.
  • Source: Press Release
  • Previously: Endurance commences exchange offer for Aspen at $49.50
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