Another shareholder advisory firm has questioned the merits of Aspen Insurance’s shareholders backing Endurance’s proposals that could lead to it acquiring the company.
Glass Lewis & Co, an independent, governance analysis and proxy voting firm, has cited the cost and distraction of holding a special meeting as being the main reasons for rejecting the move. It has not, however, commented on the merits of the takeover itself.
Endurance made an unsolicited £3.2 billion bid, amounting to $49.50 per Aspen common share, earlier this year, which was rejected by the target’s board. Since then, the two companies have engaged in a very public war of words as they battle to win the confidence of Aspen’s shareholders. Most recently, Endurance has been trying to force a special general meeting that would pave the way for Endurance to buy the company.
Glass Lewis & Co is the third firm of its type to make similar comments. Advisory firms Institutional Shareholder Services (ISS) and Egan-Jones Proxy Services have both recommended shareholders reject Endurance’s proposals.
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Glass Lewis & Co, Endurance, Aspen, Bermuda, North America