Aspen Tells Shareholders to Reject Endurance's Offer

June 17 (Bloomberg) -- Aspen Insurance Holdings Ltd., the insurer that rejected a $3.2 billion hostile bid from Endurance Specialty Holdings Ltd., urged shareholders not to tender their stock in a $49.50-a-share offer by the suitor.

“Aspen can achieve more value for its shareholders -– and without the significant risks that are inherent in a merger with Endurance -– by continuing to execute its strategic business plan,” Aspen Chairman Glyn Jones said in a statement today. Bermuda-based Aspen closed at $46.80 in New York trading yesterday.

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To contact the editors responsible for this story: Dan Kraut at Steve Dickson