Insurer Endurance Specialty Holdings Ltd made an unsolicited bid to acquire Aspen Insurance Holdings Ltd for about $3.2 billion, an offer that Aspen swiftly rejected.Endurance's cash-and-stock offer of $47.50 per share represents a premium of about 21 percent to Aspen's Friday close on the New York Stock Exchange."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's shares were trading well below the offer price at $43.69 before noon. Endurance shares were down 1.5 percent at $53.
Aspen Insurance Holdings Limited (Aspen Holdings) is a holding company. Shares of AHL traded higher by 10.95% or $4.31/share to $43.68. 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 2141382.
Endurance Specialty Holdings Ltd. (Endurance Holdings) is a holding company. Shares of ENH fell by 1.52% or $-0.82/share to $53.00. 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 658934.
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