US EditionPublished • loading... • Updated
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.
Insights by Ground AI
Podcasts & Opinions
16 Articles
16 Articles
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
Read Full Article
Beazley announced the rejection of the Swiss group's proposal, which values the British company at CHF 8.1 billion, considering that it is "substantially undervalued" The British insurer Beazley announced on Thursday the "unanimous" rejection of the Swiss company's proposed takeover of Zurich Insurance, which values the company at £7.7 billion (some CHF 8.1 billion), considering that it is "substantially undervalued".Prior to the "high complemen…
Coverage Details
Total News Sources16
Leaning Left3Leaning Right2Center1Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 17%
R 33%
Factuality
To view factuality data please Upgrade to Premium
