Barclays: ‘Endurance appears unlikely to acquire Aspen’

Following recommendations against a scheme of arrangement and an expansion of the Aspen board by three leading proxy advisory firms ISS, Egan-Jones and Glass Lewis, Barclays has argued that Endurance is unlikely to complete its attempted acquisition of Aspen.

Barclays said that there is a “low likelihood of a transaction”, with a shareholder vote on the issue to be taken on 25 July.  Beyond that point Endurance will have to decide whether to pursue a deal. It is apparent that the bank does not view its continued pursuit of Aspen favourably.

Barclays asked whether Aspen would continue to pursue potential suitors if the Endurance transaction falls through. In its evaluation, the bank argued “probably not, because Aspen likely already explored strategic alternatives.”

If Aspen does shrug off Endurance’s challenge it will be free to pursue ambitious growth plans.