Endurance Specialty Holdings Ltd is considering increasing its offer to acquire rival reinsurer Aspen Insurance Holdings Ltd to around $50 per share, or roughly $3.26 billion, people familiar with the matter said. Aspen rejected Endurance's initial cash-and-stock offer for $47.50 per share in April, which valued the Bermuda-based reinsurer at $3.1 billion and represented a premium of about 21 percent to its unaffected share price.In addition to raising its takeover bid, Endurance may also increase the amount of cash it will put into the deal, the people said, asking not to be named because the matter is not public.It is not known when any sweetened offer would be made, but the timing is not imminent, one of the people said. Endurance is scheduled to release first quarter earnings after the market close on Monday.Representatives for both Endurance and Aspen declined to comment. Shares of Aspen were trading at around $45.10 on Monday afternoon.
Aspen Insurance Holdings Limited (Aspen Holdings) is a holding company. Shares of AHL fell by 0.53% or $-0.24/share to $45.19. In the past year, the shares have traded as low as $34.81 and as high as $46.86. On average, 592844 shares of AHL exchange hands on a given day and today's volume is recorded at 437134.
Endurance Specialty Holdings Ltd. (Endurance Holdings) is a holding company. Shares of ENH fell by 0.82% or $-0.42/share to $50.61. In the past year, the shares have traded as low as $47.11 and as high as $58.83. On average, 262153 shares of ENH exchange hands on a given day and today's volume is recorded at 276725.
Source
