Deutsche Bank: Endurance ‘might soon withdraw its offer’


Negative views regarding Endurance’s overtures keep on coming, this time from Deutsche Bank. The bank has argued that the re/insurers M&A tactics are unlikely to convince Aspen shareholders to support the acquisition.

Deutsche Bank said that recent proxy advisory recommendations against Endurance’s call for an expansion of the Aspen board and a scheme of arrangement to force a decision on its offer indicate that a take-over is unlikely. This will further dent Endurance’s efforts.

The bank suggested that a withdrawal of Endurance’s offer is likely imminent.

Deutsche Bank added that “following these events, we believe Aspen’s “takeout price” may be considerably higher than a potential buyer could afford.”

Aspen shares have risen 10.4 percent since Endurance’s offer was announced, although Deutsche Bank attributed this improvement to wider market conditions rather than any specific response to the Endurance overture.  

Endurance, Aspen, M&A, Deutsche Bank

Bermuda Re