As recommendations against accepting Endurance’s proposals flood in from proxy advisory firms, Barclays has argued that Endurance is unlikely to complete its attempted acquisition of Aspen.
Barclays said that there is a “low likelihood of a transaction”, with a shareholder vote on the issue to be taken on 25 July. After this, Endurance will have to decide whether to pursue a deal. It is apparent that the bank does not view its continued pursuit of Aspen favourably.
Barclays asked whether Aspen would continue to pursue potential suitors if the Endurance transaction falls through. In its evaluation, the bank argued “probably not, because Aspen likely already explored strategic alternatives.”
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Endurance, Aspen, North America, Bermuda, Barclays