US EditionZurich Insurance Wins over UK's Beazley with Sweetened $11 Billion Bid ...
The £8 billion deal offers a 60% premium to Beazley's pre-approach share price and aims to create a global specialty insurance platform with $15 billion gross written premiums.
- Swiss insurance giant Zurich agreed in principle to buy Beazley for 8 billion, with the deal still under due diligence and planning for integration.
- Following an earlier rebuffed approach, the Beazley board and advisers said it would be minded to recommend the terms after careful consideration.
- Market reaction has pushed Beazley shares sharply higher over the past month, with the deal valuing Beazley at 13.10 and a 25p dividend, representing an almost 60% premium.
- The transaction would combine the businesses into a leading global specialty platform with around 15 billion US dollars of gross written premiums and leverage Beazley’s Lloyd’s of London presence; Zurich’s workforce includes more than 63,000 employees.
- Given Beazley's specialist cyber and other lines, Zurich will conduct confirmatory due diligence while working toward a binding agreement.
22 Articles
22 Articles
The Beazley Board of Directors advises shareholders to accept the new offer, giving them a luxuriant premium on the share price.
Swiss insurance giant Zurich Insurance Group has reached an agreement in principle for an eight billion pound (9.27 billion euro) takeover of British rival Beazley, reports the German news agency dpa.
British insurance giant Beazley set to quit London market
Zurich has lifted its offer to 1,335p per share, valuing Beazley at about £8bn. The bid represents nearly a 60 per cent premium to the pre-offer share price. Analysts warn more London-listed insurers could become takeover targets.One of Britain’s largest insurers is poised to leave the London stock market after agreeing in principle to an £8bn takeover by Swiss rival Zurich, in a move that is likely to intensify debate over the City’s shrinking …
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