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Aspen has announced that the overwhelming majority, more than three quarters, of Aspen shareholders participating in the consent solicitation have rejected both of Endurance’s proposals.
This was based on preliminary voting results as of the close of business on July 25th, 2014 – the target date for receiving consents set by Endurance. The company has released a statement with regards to the lack of support for the hostile M&A takeover bid:
“Based on these preliminary results, as provided by the company’s proxy solicitor, Aspen believes that shareholders owning at least 76 percent of Aspen’s outstanding shares did not support Endurance’s proposal to call a special meeting at which shareholders would vote on a proposal to increase the size of Aspen’s board to 19 directors, and shareholders holding at least 81 percent of Aspen’s outstanding shares did not support Endurance petitioning the Supreme Court of Bermuda as part of a legal manoeuvre called an involuntary scheme of arrangement.”
It continues, “Of these amounts, shareholders holding more than 60 percent of Aspen’s outstanding shares took action to affirmatively reject both proposals on Aspen’s blue revocation card. Thus, Aspen estimates that the number of shares affirmatively rejecting both Endurance proposals was at least two-and-a-half times as many as the number that consented.”
Aspen, Endurance, M&A