Insurer Endurance Specialty Holdings Ltd said it offered to acquire Aspen Insurance Holdings Ltd for about $3.2 billion in cash and stock.Endurance's offer of $47.50 per share represents a premium of about 21 percent to Aspen's Friday close on the New York Stock Exchange.Aspen shares rose 16 percent to $45.61 on Monday morning, while Endurance shares were down 2 percent at $52.57."Despite our repeated attempts since late January to engage in confidential and friendly discussions, Aspen's board and management have rebuffed our proposal and refused to engage with us," Endurance Chief Executive John Charman said in a statement.
Aspen Insurance Holdings Limited (Aspen Holdings) is a holding company. Shares of AHL traded higher by 15.27% or $6.01/share to $45.38. In the past year, the shares have traded as low as $34.81 and as high as $41.43. On average, 419992 shares of AHL exchange hands on a given day and today's volume is recorded at 1105979.
Endurance Specialty Holdings Ltd. (Endurance Holdings) is a holding company. Shares of ENH fell by 3.16% or $-1.7/share to $52.12. In the past year, the shares have traded as low as $47.09 and as high as $58.83. On average, 190976 shares of ENH exchange hands on a given day and today's volume is recorded at 286373.
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