Aspen rejects Endurance takeover bid

Aspen has announced that its board of directors unanimously agreed to reject the unsolicited exchange offer from Endurance to acquire all of the outstanding shares of Aspen for a combination of common stock and cash. 

The board determined the offer is not in the best interests of Aspen or its shareholders and recommends that Aspen shareholders reject the offer and not tender their shares to Endurance. The board noted that the value offered by Endurance is unchanged from the unsolicited proposal Endurance made on June 2, 2014, which Aspen's board thoroughly considered and rejected.

In addition, Aspen issued an investor presentation detailing its strong standalone growth strategy, clear path for continued improvement in return on equity, and the inadequacy of Endurance's offer.