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Aspen has responded to Endurance’s “coercive” approach to its shareholders by issuing its own set of cards—this time blue—which its shareholders will be able to use to reject Endurance’s proposal.
Aspen has sent a letter to all its shareholders calling on them to reject Endurance’s offer, asking them to return a blue “revocation” card in support of Aspen’s position and ignoring Endurance’s previous white card.
In its latest rebuttal of Endurance’s hostile overtures, Aspen said that Endurance was using coercive tactics and legal ploys to acquire the company at terms that undervalue the company and sell its shareholders short.
The letter reiterated the dangers of undermining the board and Bermuda’s position as an international business jurisdiction should Aspen shareholders support the pursuit of a scheme of arrangement.
It also argued that creating a 19-strong board would undermine Aspen’s ability to take decisions and hobble the company as it looks to levers of growth.
The letter restated the weakness of Endurance’s offer and argued that Aspen shareholders can expect to derive greater value from the company as an independent entity.
A copy of the letter can be found here.
Aspen, Endurance, M&A