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UK's Beazley Rejects Zurich Insurance's $10 Billion Takeover Bid
Beazley’s board unanimously rejects Zurich’s £7.7 billion cash offer, citing undervaluation despite a 56% premium on share price before the bid was publicized.
- This past week, FTSE 100-listed Beazley rejected Zurich's �7.7 billion takeover proposal, citing it as `materially undervaluing` the company, with the latest offer at �12.80 a share.
- The board said it had received three proposals from Zurich in June last year and engaged with Zurich, providing limited due diligence, with the latest offer below the previous �13.15 a share proposal.
- Shares in Beazley soared to an all-time high after news of the Zurich Insurance proposal, which Zurich said it would fund through cash, debt and an equity placing, while Panmure Liberum analyst Abid Hussain said Zurich could still raise its offer.
- Zurich has until February 16 to make a formal offer or walk away under UK Takeover Panel rules, saying its approach marked a 56% premium on January 16 and provides immediate cash value.
- The deal would create a global specialty leader with around 15 billion US dollars and establish a leading UK-based platform leveraging Beazley's Lloyd's of London presence.
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UK's Beazley rejects Zurich Insurance's $10 billion takeover bid
Beazley on Thursday rejected a 7.67-billion-pound ($10.3 billion) takeover offer from Zurich Insurance as materially undervaluing the UK speciality insurer, adding it was lower than another proposal the group turned down last year.
·United Kingdom
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Total News Sources16
Leaning Left2Leaning Right2Center1Last UpdatedBias Distribution40% Left, 40% Right
Bias Distribution
- 40% of the sources lean Left, 40% of the sources lean Right
40% Right
L 40%
C 20%
R 40%
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