Aspen
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Shareholders are likely to support the sale, and the possibility of a challenger bid seems remote. -
The share price increased just over 2 percent in New York trading today following news of the $2.6bn deal.
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The ceiling is just $10mn more than Aspen’s Q3 cat losses
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The deal concludes a six-month auction process at the Chris O'Kane-led carrier.
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All-cash offer values business at a double-digit premium to current share price
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The Bermudian (re)insurer's shares jump 5 percent in early New York trading.
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The target's board is pushing the financial investor to lift a bid worth over $40 per share.
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Scott Kirk will receive the payout if he stays employed with the firm until 2020.
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The intermediary noted that it was the third-highest sum for a second quarter.
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The Insider 50 contracted by 1.0 percent last week, as 35 companies in the index posted negative share price movements.
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The Aspen sale saga has run longer than expected, but it looks now as if it has entered its end gameHaving taken the call to run a sale process as early as March, the Aspen board would clearly have expected the company’s future ownership to be resolved by this point.
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The underwriter joins from Advent and replaces Richard Rudden, who recently left the business.
