Aspen remain defiant as Endurance seek SEC approval


The SEC has declared effective Endurance’s registration statement relating to the exchange offer for all of the outstanding common shares of Aspen, as the M&A feud grows more rancorous by the day.

The announcement follows Endurance’s latest attempt to win over Aspen shareholders by mailing a definitive solicitation statement and white authorization card, empowering Aspen shareholders to requisition a special general meeting of shareholders in connection with a proposal to increase the size of Aspen’s board of directors from 12 to 19 directors, and to authorize support for the proposal of a scheme of arrangement by Endurance.

Aspen responded by issuing blue cards to its shareholders, calling for them to reject the offer, yet Endurance has urged them not to sign the blue revocation card and instead says they should take concrete action towards realizing the significant value of the proposed transaction by engaging with Endurance and supporting their proposals.

Endurance has also released an updated investor presentation which highlights the merits of the proposed acquisition, including:

• the strategic rationale and compelling value of Endurance’s proposal;

• Endurance’s actions to expedite the proposed transaction;

• the historical underperformance of Aspen under its current management; and

• the clear contrast between Aspen’s poor corporate governance practices and Endurance’s alignment with its shareholders.

SEC, Endurance, Aspen, M&A

Bermuda Re