Endurance continues to press Aspen shareholders for support
Endurance has sent another letter to Aspen shareholders asking for their support in the company’s bid to acquire Aspen, comparing shareholder disenfranchisement under Aspen with the enhanced value the transaction could deliver.
In the ongoing and increasingly acrimonious M&A tussle, Endurance wrote again to Aspen shareholders arguing that its deal offers “immediate premium value” and that Aspen’s board and management were not taking into account the best interests of its shareholders.
In the statement, Endurance characterised Aspen’s corporate governance as undemocratic and unaccountable. The letter also criticised Aspen for its lack of alignment with shareholder interests and said that Aspen management’s involvement in the transaction decision was a clear conflict of interest.
Finally, Endurance reiterated its outperformance of Aspen across various metrics, adding that shareholders can expect to derive significant value from the transaction.
The letter reiterates Endurance’s call for an expanded board at Aspen and calls again for support for a scheme of arrangement that could help to force through the transaction.
Aspen, for its part, remains defiant and it seems likely that the fight will rumble on.