Leading proxy advisory firms ISS and Egan-Jones have recommended that Aspen shareholders reject Endurance’s current proposal.
The two firms have indicated that shareholders should reject Endurance’s current proposal, which includes an expansion of Aspen’s board and the pursuit of a scheme of arrangement in order to force Aspen’s hand.
ISS argued that the proposals would result in “unnecessary costs” for Aspen shareholders, without delivering benefit.
They also encouraged shareholders to return Aspen’s blue card, which firmly rebuts Endurance’s hostile approach.
The views of the independent advisory firms are a major coup for Aspen, which has been placed under intense pressure by Endurance.
Commenting on the development, Chris O’Kane, CEO of Aspen says: “We are pleased that ISS and Egan-Jones agree with our position and are recommending that Aspen shareholders reject both of Endurance’s proposals.”
“Rather than offering real value, Endurance is pursuing coercive legal tactics in an effort to buy Aspen at the lowest possible price. We urge shareholders to reject both of Endurance’s proposals.”
Aspen, Endurance, M&A